President Barrack Obama has designated Securities and Exchange Commission (SEC) member Elisse Walter as the next SEC chair, the White House announced Monday.

The announcement came soon after the SEC announced that Schapiro, who was appointed to a five-year term by President Obama in January 2009, will leave the commission Dec. 14.

Walter’s term expired in June 2012, but commissioners can stay an additional 18 months after their term expires if they are not reconfirmed or replaced, said an SEC spokesperson.

In a media release, President Obama praised Schapiro’s work at the SEC.

"I am also pleased to designate Elisse Walter as SEC Chairman after Mary's departure. I'm confident that Elisse's years of experience will serve her well in her new position, and I'm grateful she has agreed to help lead the agency,” Obama said in a release.

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