President Obama gave his thanks to his Chief of Staff Rahm Emanuel during Friday's announcement.

President Barack Obama made the official announcement Friday that his Chief of Staff, Rahm Emanuel, has decided to step down from his position.

Deputy Chief of Staff Pete Rouse will take the role temporarily, while Obama looks for a permanent replacement.

It is expected that Emanuel will seek the mayoral seat in his hometown of Chicago. His decision to leave has been anticipated from the moment Chicago mayor Richard Daley announced he was not running for re-election.

The President labeled the day as bittersweet, touting the praises of Emanuel and how he would miss him at the White House.

Officials have said that Rouse does not wish to be in the spotlight, which would be required of a full time chief of staff.

Speculation about a potential replacement include such names as Tom Donilon, Phil Schilirro and Ron Klain.

It is expected that Emanuel will wait a set amount of time before he announces his candidacy for mayor.