US Treasury Secretary Timothy Geithner, who steered the administration of President Obama through the financial crisis, will step down from his post Friday, a source told Agence France Presse yesterday.
Geithner had said he would leave the department after the conclusion of Obama’s first four-year term. The president was sworn in on Sunday for a second term.
Obama has nominated longtime Washington insider Jack Lew, his current chief of staff, to succeed Geithner. His nomination requires Senate approval.
Deputy Treasury Secretary Neal Wolin is to serve as acting secretary pending Lew’s confirmation.
Geithner, the former head of the Federal Reserve Bank of New York, took the helm at Treasury in 2009. He had a rocky start, but has since emerged as one of the more high-profile people to hold the job in recent years.
His departure comes amid a major reshuffling of Obama’s cabinet for his second term.
Several cabinet heavyweights, including Secretary of State Hillary Clinton and Defense Secretary Leon Panetta, have announced plans to leave.