The Securities Industry and Financial Markets Association (SIFMA) has named Kenneth E. Bentsen, Jr. to serve as its president and CEO in the wake of the resignation of former U.S. Senator and SIFMA CEO Judd Gregg.

Bentsen previously served as president.

"Ken has been an outstanding member of the SIFMA management team for the past five years and we are pleased he will lead SIFMA…" said Jim Rosenthal, SIFMA Chairman and Chief Operating Officer of Morgan Stanley (MS). "Ken's extensive knowledge of our industry will be critical as we communicate with regulators, Congress and the broader public in the coming years."

Gregg, who will continue as an advisor to SIFMA, expressed confidence in his successor.

"Although I am stepping down as CEO I look forward to continuing to work with Ken and the entire SIFMA team, especially in the area of communicating the importance of a strong capital markets system and investment community in supplying the fuel for America's economic engine," Gregg said.

Bentsen has a history of leadership at SIFMA. Prior to being appointed president, Bentsen served as Executive Vice President of Public Policy and Advocacy, overseeing SIFMA's legal, legislative and regulatory affairs. The Houston native served as a U.S. Representative from Texas from 1994 to 2003, sitting on the House Financial Services Committee and on the House Budget Committee.

"As the leading trade association for the capital markets business, SIFMA will continue to communicate the important work our members do in promoting effectively functioning markets as a critical underpinning of broad economic growth and job creation,” Bentsen said in a statement released Monday.