Skeel said his tenure will end when Biden appoints someone to fill his seat.
Skeel, who served on the board for nearly eight years, said it has achieved a stable budget for Puerto Rico and massively reduced the government's debt.
Last week, the board announced it would ask the judge overseeing the restructuring plan for Puerto Rico’s Electric Power Authority to reopen the hearings related to the debt. After a series of hearings in March, a federal court ruled that bondholders have the right to be repaid the full amount of their debt.
The decision was a setback for the board and comes as Puerto Ricans continue to experience frequent electrical outages.
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