Obama Announces New Chief of Staff

President Barack Obama announced Monday that Bill Daley, who has served as his administration's chief of staff for one year, is stepping down.

In a statement to the press at the White House, President Obama said that Daley's resignation letter last week took him by surprise and that he initially refused to accept it.

"But in the end, the pull of the hometown we both love—a city that's been synonymous with the Daley family for generations—was too great," Obama said, referring to Chicago, where the two men first met.

Daley took over as Obama's chief of staff in 2011 after Rahm Emanuel left office to make a successful bid for the Chicago mayor's office. During his year-long tenure, Daley oversaw bitter fights over the American Jobs Act and the budget.

Jack Lew, a D.C. veteran who previously served as budget director for President Bill Clinton and deputy director for the Department of State under Hillary Clinton, was recommended by Daley to succeed him at the post.

Most recently, Lew worked as the director of the Office of Management and Budget, which, even Obama admitted, is a grueling task.

"As anyone who has been following the news can tell you, this is not an easy job," Obama said.

Lew will take over for Daley at the end of the month, after Obama delivers the State of the Union address.