Navy commander Mohab Mamish retired Sunday on the order of President Mohamed Morsy and was handed control of the important Suez Canal Authority.

Mamish, 64, head of the navy since 2007 and member of the Supreme Council of the Armed Forces, will head the authority that generates the largest portion of Egypt’s national income and is the only route for the United States navy to its military bases in Iraq and the Gulf.

Since President Anwar Sadat reopened the Suez Canal in 1975, the authority has been chaired by retired naval commanders or deputy commanders. Mamish commanded the military unit responsible for the security of ships navigating the canal.

He succeeds Ahmed Fadel, who was appointed by former President Hosni Mubarak to secure the passage of US troops through the canal during the American-led invasion of Iraq, a task he continued to perform when the SCAF took power following Mubarak’s resignation early last year.

Mamish has in the past vowed to protect the neutrality of the canal.

US naval officials have told analysts that the Suez Canal is a major concern to the United States, especially amid Egypt's volatile transition.