Kenneth Feinberg to Step Down From 'Pay Czar' Role

Kenneth Feinberg will relinquish his role as Treasury's "pay czar" later this summer to focus on administering the BP (BP) $20 billion oil spill fund, a Treasury spokesman said late Wednesday.

A specific date for Feinberg's departure wasn't specified, and a replacement hasn't yet been chosen. BP and the White House agreed last week that Feinberg would administer the fund because of his expertise. The announcement came following a meeting to pressure BP officials to pay damage claims related to the massive spill of oil into the Gulf of Mexico.

It was a year ago that Feinberg began his position watching over pay practices at financial institutions and automakers that received "extraordinary" government bailouts. American International Group (AIG), General Motors, Chrysler Group, GMAC Financial Services and Chrysler Financial are still being monitored by Feinberg and his staff.