William Daley, brother of former Chicago Mayor Richard Daley, is stepping down from his role as White House Chief of Staff. Budget Director Jacob Lew will step in to replace Daley.

The former banker has been in the role for a year, but his frustration with the job was evident by October when he told reporters that he would be leaving the White House in 2013 after Obama's first term was complete. But last week, Daley reportedly issued his letter of resignation to the President, saying he made the decision to leave the job over the holidays with his family.