Mark Flannery, Securities and Exchange Commission chief economist and Division of Economic and Risk Analysis director, will step down from his current roles by the end of 2016 to serve as a finance professor at the University of Florida.

SEC said Friday Scott Bauguess, SEC deputy chief economist and DERA deputy director, will take over as acting chief economist and acting DERA director after Flannery leaves the commission.

“Mark has provided invaluable insight and analysis on important rulemakings and he has been instrumental in leading the Commission’s efforts in working with international regulators on the economics of financial stability,” said SEC Chair Mary Jo White.

Flannery joined the commission in July 2014 and has led various initiatives such as economic analysis to help SEC create policies and analytical tools for risk assessment and enforcement activities.

He previously served as visiting scholar at the New York Federal Reserve’s research department and chairman of the Federal Reserve System’s Model Validation Council.

Flannery has served as Bank of America eminent scholar in finance at the University of Florida since 1989.