The American Bankers Association announced Wednesday that its president and CEO, Edward Yingling, will retire at the end of this year.

Yingling, 61, suggested that with financial reform legislation almost complete and a restructuring of the ABA done, now is the best time to begin plans for leaving the organization.

“After 25 years at ABA, I believe this is the best time to create the opportunity for new leadership,” Yingling said in a statement announcing his retirement. “Leaving ABA at the end of a Congress and with sufficient time to implement a succession plan will ensure the best possible transition.”

Yingling said he plans to stay active in the industry and may practice law.

The ABA has set up a search committee to look for Yingling’s successor. The group has retained the recruiting firm of Korn/Ferry International to help in the search. The ABA said it would consider both internal and outside candidates.

ABA Chairman Arthur Johnson praised Yingling for leading the industry through many challenges.

“He leaves with the appreciation and respect of bankers across the country, and we are pleased that he has agreed to consult with ABA on business, regulatory and legislative matters after he retires from the association,” Johnson said.