The seventh and youngest child of the late Chicago Mayor Richard J. Daley, he may be best known for not conceding on election night when he was the campaign chairman for Al Gore's 2000 presidential campaign.
Gibbs announced Wednesday that he would be leaving the White House in February.
"It is an honor and a privilege to stand here, to work inside this building, to serve your country, to work for a president that I admire as much as President Barack Obama," Gibbs told reporters at his regular briefing. "What I'm going to do next is step back a little bit, recharge some."
"This is a tough place to work. ? I think having new voices and having fresh voices, some of those voices that are coming back from having taken a couple of years off, are an important part of this process," Gibbs said.
Gibbs said he would continue to support the administration from the private sector, offering advice as a paid consultant to the re-election campaign.
Bill Burton, Deputy Press Secretary
Burton is seen as the favorite to become the new public face of the administration, given his Gibbs' training and experience as Obama's national press secretary during the 2008 presidential campaign. The 33-year-old has also held communications posts on Capitol Hill.
The New York native is well-regarded by members of the White House press corps for his engaging and affable manner. But he's also demonstrated, both from the podium and the sidelines, that he can be a forceful defender of his boss and the administration.
Josh Earnest, Deputy Press Secretary
Earnest, a Kansas City native, has served in the White House communications shop since the inauguration in 2009. He previously held Obama communications roles during the presidential campaign, heading the Presidential Inaugural Committee and the Iowa communications office.
Jay Carney, Communications Director for Vice President Biden
Carney, a Virginia native, has been a journalist and before he joined the administration, he had been the Washington bureau chief for Time magazine.
Summers, Obama's top economic adviser, announced his departure from the White House in September, following the exit of two other economic advisers, chair of Council of Economic Advisers, Dr. Christina Romer and Office of Management and Budget director, Peter Orszag.
He will return to Harvard University as a professor. "I'm looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation and stable finance as well as the integration of rising and developing countries into the global system," Summers said in a statement.
Gene Sperling, Treasury Department official
White House officials say President Obama will appoint Sperling, a deficit hawk with close ties to the business and financial community, to replace Summers as the head of the National Economic Council on Friday.
Sperling was perviously director of the Council between 1996 and 2000, during Bill Clinton's second term.