US Treasury Secretary Timothy Geithner will step down from his post on Friday, a source told AFP on Tuesday.
Geithner had said he would leave the department after the conclusion of President Obama’s first four-year term. Obama was sworn in on Sunday for a second term.
The president has nominated longtime Washington insider Jack Lew, his current chief of staff, to succeed Geithner.
Lew’s nomination requires approval of the US Senate, which is controlled by Obama’s Democratic party.
Treasury’s deputy secretary, Neal Wolin, is to serve as acting secretary pending Lew’s confirmation.
Geithner, a former New York Federal Reserve banker, took the helm of the Treasury in 2009 and served the Obama administration through the Wall Street financial crisis and the worst recession since the 1930s.
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 the administration.
Geithner to leave Treasury secretary post on Friday
