President Barack Obama announced on Monday that Bill Daley has resigned his position as White House Chief of Staff.
According to a statement posted on the White House website, President Obama said Daley informed him last week that he planned to leave Washington and return to his hometown of Chicago.
"Bill has been an outstanding Chief of Staff during one of the busiest and most consequential years of my administration," President Obama said in his remarks.
President Obama also announced that Jack Lew will be the new Chief of Staff. Lew had served as the Director of the Office of Management and Budget.
Read the transcript of President Obama's remarks HERE.