SACRAMENTO (CBS/AP) — Controller John Chiang has won his bid to move from California’s chief accountant to its top banker.

The 52-year-old Democrat defeated Republican Greg Conlon on Tuesday by a large margin.

READ MORE: Bay Area Motorists Suffering From Gas Pump Sticker Shock As Prices Continue To Soar

The treasurer is responsible for managing state investments and administering the sale of bonds and notes.

As controller, the termed-out Chiang was responsible for overseeing government audits and disbursements of state funds when California and its cities were in fiscal peril.

READ MORE: Oakland Police Deploy Tactical Teams To Counter Surge In Violent Crime

He also managed audits and investigations in the financially troubled city of Stockton, which in 2012 became the biggest U.S. city at the time ever to declare bankruptcy.

The 81-year-old Conlon is a CPA from Menlo Park.

MORE NEWS: Versatile Deebo Samuel Leads 49ers To Third Straight Win

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed