New Jersey will soon have a new banking commissioner.
Ken Kobylowski will step down "over the next several weeks" as the New Jersey Commissioner of Banking and Insurance, Gov. Chris Christie said Tuesday. Christie did not provide a reason for Kobylowski's departure and a department spokesperson declined to give a specific date for when he will leave.
Christie will nominate Richard Badolato, a civil litigator and former president of the New Jersey State Bar Association, to succeed Kobylowski. Badolato is expected to begin work as state bank commissioner on Aug. 1.
Kobylowski has been New Jersey's banking commissioner, both on an acting and confirmed basis, since January 2012. He joined the state banking department as chief of staff in February 2010. He previously was a banking attorney with the firm Herrick, Feinstein.
"I want to personally thank these three talented and dedicated individuals for their service to this administration and to the citizens of New Jersey," Christie said in a news release, referencing Kobylowski and two other cabinet members who are also stepping down.