Valley Metro's Banta steps down as CEO

Valley Metro Chief Executive Officer Stephen Banta resigned last week, according to a report from The Arizona Republic.

He decided to leave the agency to "pursue other and unique challenges in the transit industry," the newspaper quoted Banta as saying.

His resignation also comes amid an investigation by the newspaper into Banta's expense reports, which detailed some purchases that went against Valley Metro's policies, such as buying alcohol for himself and guests, according to The Arizona Republic.

Valley Metro has not yet released a statement on Banta's decision to step down, nor has it announced an interim replacement for the position.