Hubbard, pictured with Karl Rove last August, is stepping down from his post.
WASHINGTON (CNN) - President Bush's top economic adviser, Al Hubbard, is stepping down - the latest in a growing list of White House senior staff who are exiting before the end of the president's second term.
White House press secretary Dana Perino announced that Hubbard's replacement will be Keith Hennessey, who is Hubbard's deputy.
The position is appointed by the president with no Senate confirmation needed.
Perino said Hubbard submitted his letter of resignation to Bush Wednesday morning.
The White House issued a statement praising Hubbard.
"In leading the policy process on issues such as taxes, entitlements, health care, energy security, the environment, and trade and investment, Al contributed his own ideas and also worked to ensure that all views were brought to the table and given fair analysis and debate," said the president.
"While many of the policies Al worked to develop are in place today, other policy initiatives, including Social Security reform and health care reform, have laid the foundation for policies I believe will be adopted in the future."
Hubbard will depart by the end of the year, according to administration officials.
Hubbard's departure follows other recent White House losses, including Homeland Security Adviser Fran Townsend; Karl Rove, Bush's top political adviser; Dan Bartlett, communications director; Karen Hughes, the State Department undersecretary for public diplomacy and public affairs; and Rob Portman, budget director.
The administration is facing daunting economic challenges, including the mortgage crisis and market volatility.
– CNN White House Correspondent Suzanne Malveaux
From CNN Politics
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He will always be remembered as the economic adviser that helped an administration bring about repeatedly large deficits, stagnated wages mixxed with high inflation, a worthless US dollar and shipping 1 in 6 US manufacturing jobs overseas.
Another one bites the dust. Even though this is typical towards the end of a Presidents last term. I am still happy to see members of the Bush Administration leaving. I can't wait until Bush and Cheney are gone. I really hope the American people have learned from the mistakes this administration has made.
Another know-nothing, do-nothing, rich pansy....good riddance....
Leaving to spend more time with his children? Come on – the kids are 17 and 19 years old. Somehow I doubt spending time with dad is high on their agendas. Could it be he just doesn't want to be the top Economic Advisor when the remainder of the subprime foreclosures hit the market?
why is it that the ONE guy this country could REALLY benefit from resigning is the one who's been hangin around for 8 years,twiddling his thumbs and doing whatever rove and cheney say,...and watching everyone around him jump ship,cuz thats how bad it must've been to be there.
If all the rats are jumping ship, when will the captin and first mate get smart and jump ship to. It must be the blind leading the blind not jumping ship.
Is anyone suprised by anything these days. It's smart to run from Bush and Cheney! Loners!
Dana Perino should be the next to go as she is to hot to ruin her career staying with Bush
Wow, people. Half of you made a sinking ship analogy. Is this your way of pressuring the networks to talk more seriously with the WGA, or do you all meet up before hand to decide what joke is in today?
It's not unusual for people to leave an administration, especially as it moves into the "lame duck" stage from the simply "lame."
I am not surprised. I wouldn't be surprised if Bush's wife left him as well.