On May 20, Martin J. Gruenberg, Chairman of the FDIC, announced his intention to step down as Chairman of the FDIC – once a successor will be confirmed. Having served at the helm of the FDIC since August 2005, as Chairman, Vice Chairman, and Director, Gruenberg expressed pride in upholding the FDIC's mission to preserve public trust and ensure stability in the banking system. He pledged to continue his duties until a new chairman was appointed, with a focus on transforming the FDIC’s workplace culture.