In a major shakeup inside the Obama administration, White House Chief of Staff William Daley announced his resignation Monday just over a year after taking the position. He will be replaced by Jack Lew, head of the Office of Management and Budget. President Obama praised Jack Lew’s public service.

President Obama: “Jack’s economic advice has been invaluable, and he has my complete trust, both because of his mastery of the numbers, but because of the values behind those numbers. Ever since he began his career in public service as a top aide to Speaker Tip O’Neill, Jack has fought for an America where hard work and responsibility pay off, a place where everybody gets a fair shot, everybody does their fair share, and everybody plays by the same rules. And that belief is reflected in every decision that Jack makes.”

After serving as budget director in the Clinton administration, Lew became chief operating officer of Citigroup Alternative Investments in 2008. The Progressive Change Campaign Committee criticized Obama for selecting Lew because his unit at Citigroup heavily invested in a hedge fund that bet on the housing market to collapse.