Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation (FDIC) following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.

“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” Gruenberg said in a statement released Monday by the FDIC. “Until that time, I will continue to fulfill my responsibilities as chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”

The third-party independent review concluded, based on complaints from more than 500 individuals, that “for far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct.” The report also found the agency’s “patriarchal, insular, and risk-averse culture has contributed to the conditions that allowed for this workplace misconduct to occur and persist.”