President Barack Obama today appointed William Daley as the new White House chief of staff.

Daley is the son of former Chicago Mayor Richard J. Daley and brother of current Chicago Mayor Richard M. Daley. For the past seven years, Bill Daley has been a senior executive at JP Morgan Chase, and has worked for a hedge fund and in telecommunications.

Daley also has political experience, serving as President Clinton's commerce secretary from 1997 to 2000, when he left to manage Al Gore's presidential campaign in 2000.

Although from Obama's Chicago stomping grounds, Daley is viewed as a Washington outsider well respected in business circles.

President Obama has made a brilliant choice in naming William Daley, a member of Third Way's Board, to serve as White House Chief of Staff - and his selection sends a clear signal that he intends to govern and campaign from the center over the next two years, said Jonathan Cowan, president of the Third Way, a centrist Democratic organization.

Cowan said Daley has the business credentials to help the White House continue to heal the breach between the administration and the private sector.

Daley will replace interim chief of staff Pete Rouse, who has been standing in for Rahm Emmanuel, who left the position several months ago to prepare a run for mayor of Chicago. Richard M. Daley, the current mayor, whose term is up in June, said he will not run again.

Obama has numerous other positions to fill, including two high-profile spots. He is expected to soon name David Plouffe, a key figure in Obama's 2008 presidential campaign, to replace outgoing adviser David Axelrod. A replacement for Press Secretary Robert Gibbs, expected to depart his post in early February, has yet to be named.