WASHINGTON, Feb 26 (Reuters) - The White House announced on Wednesday the resignation of Glenn Hubbard as chairman of the Council of Economic Advisers and tapped Harvard University's Gregory Mankiw to replace him.
Hubbard's departure is the latest in a series of dramatic shifts in President George W. Bush's economic team, following last year's rapid-fire resignations of Treasury Secretary Paul O'Neill, White House economic aide Lawrence Lindsey and Securities and Exchange Commission (News - Websites) Chairman Harvey Pitt.
"I am writing to inform you that I shall resign my position as chairman of the Council of Economic Advisers, effective February 28, 2003," Hubbard said in a letter to Bush. "This decision is a difficult one," Hubbard added.
A separate statement issued by the White House said Bush intended to nominate Mankiw to take over as chairman of the council in place of Hubbard, who had served as chairman since May 2001.