The Federal Deposit Insurance Corp. announced that James Wigand will step down from his management post of the agency's new wind-down facility for systemically important companies on July 28. In 2010, Wigand began overseeing the agency's implementation of the new resolution powers under the Dodd-Frank Act.
The announcement came as a surprise and no reason was given for his departure other than the agency's 32-year veteran was looking to retire. Wigand will stay on at the FDIC until Sept. 30 as a senior advisor to Chairman Martin Gruenberg.
Arthur Murton, who currently runs the FDIC's insurance and research division, will succeed Wigand and will now take on the agency's responsibility resulting from Dodd-Frank.
"I would like to extend my deep personal appreciation to Jim for his service to the FDIC," Gruenberg said of Wigand in a press release. "Our agency and country have benefited greatly as a result of his outstanding work."
For the full piece see "FDIC Veteran to Take Over Leadership of Resolution Arm" (may require subscription).