SAN JUAN, Puerto Rico (AP) — A bankruptcy and corporate law professor will be the new chairman of a federal control board that oversees Puerto Rico’s finances, officials announced Tuesday.

David Skeel will replace José Carrión, who had led the board since the U.S. Congress created it in 2016 as the U.S. territory struggled through an economic crisis and sought to restructure a portion of its more than $70 billion public debt load. It was the biggest municipal bankruptcy filing in U.S. history.

Carríon had announced in July that he was stepping down, and two other board members have stepped down since. Those two other positions have not been filled.