BEIJING (AP) — China has announced that Xiao Gang, the top securities regulator, is stepping down following months of turmoil in the Chinese stock markets.

Xiao, a trained engineer who has had decades of experience in the finance sector, was appointed to the position in March 2013. Since last summer, the composite index of the Shanghai stock market has fallen sharply from the high point of more than 5,100 points, prompting calls for him to step down. The market closed at 2,860 on Friday.

The official Xinhua News Agency says Xiao will be replaced by Liu Shiyu, chairman of the Agriculture Bank of China.