U.S. Securities and Exchange Commission Chairman Mary Schapiro, who took over in 2009 and steered the Wall Street watchdog agency following criticism that the agency had failed to detect reckless investments leading up to the 2008 economic crisis, announced her impending retirement on Monday.

President Barack Obama designated Elisse Walter, an SEC commissioner, to replace Schapiro, the Washington Post reported.

Schapiro had been widely expected to leave the commission after the presidential election, the Los Angeles Times reported. 

“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” Schapiro said in the statement. “We have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.”

Admirers credited Shapiro with helping to reshape the SEC and leading the effort to bring civil charges against the nation’s largest banks while critics argued that she failed to hold specific individuals at those banks accountable for contributing to the crisis, the Washington Post reported.

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