Reporting from Washington — Sheila C. Bair will step down July 8 as chairwoman of the Federal Deposit Insurance Corp., the agency said, and her top deputy is her likely replacement.
Bair's departure had been expected. Her five-year term as chairwoman ends next month, and she was clear in stating that she did not want to be reappointed.
"Consistent with previous public statements, Chairman Bair has announced her intention to depart the agency following the expiration of her term as chairman," the FDIC said Monday. She will stay on for the FDIC board's meeting during the first week of July, the agency said.
President Obama is expected to nominate a successor soon. The favorite is Martin J. Gruenberg, the vice chairman of the FDIC board, who served as acting chairman for about seven months before Bair's appointment.