SOUTHERN ARIZONA (SGT NEWS) - Economic aide to President Bush and chair of the National Economic Council, Al Hubbard, will retire from his position after nearly three years of service and will be replaced by Hubbard's own aide, Keith Hennessey.

“Al came to the White House after spending nearly 30 years as a successful entrepreneur and business leader,” Bush said in a statement. “He brought to the White House his capacity for hard work and creative thinking, and fostered an open, cooperative working environment.”

“Al's presence in the White House will be deeply missed,” Bush added.

Hubbard's resignation comes after several others have stepped down from their positions within Bush's administration, including Press Secretaries Ari Fleischer and Tony Snow, along with Homeland Security adviser Frances Townsend, Attorney General Alberto Gonzales and, of course, Bush's controversial top aide Karl Rove.

Speaking of Hennessey, who will serve as Hubbard's replacement, Bush said that he has been an important member of his team for more than five years, has served as the deputy to three directors of the National Economic Council and has experience with a broad range of economic policy issues.

Hubbard was a classmate of Bush's at Harvard Business School and was a significant fundraiser for Bush during his presidential campaigns. Hubbard first served as Bush's domestic policy adviser during his 2000 campaign.