Karen Mills, head of the Small Business Administration, is stepping down, the White House announced. The SBA administrator thanked her staff in a statement, concluding a tenure that started with her appointment by President Obama in April 2009. The president elevated her position to Cabinet-level status in January 2012.
Mills's departure follows that of the agency's deputy administrator, Marie Johns, who announced her resignation Thursday.
During Mills's tenure, the SBA backed more than $106 billion in loans to small companies, including record years of more than $30 billion worth of guarantees in 2011 and 2012.