Denis McDonough has been named President Barack Obama's new chief of staff. McDonough, who was one of the president's senior foreign policy advisors, is replacing Jack Lew, who was named as the new Secretary of the Treasury two weeks ago.

“Denis has been one of the President's closest and most trusted advisors for nearly a decade, dating back to when he helped set up then Senator Barack Obama's Senate office,” a White House official told NBC news. “He has relied on his intellect and good judgment ever since- most recently as a member of the President's national security team. In that capacity, Denis has played a key role in all of the major national security decisions - from ending the war in Iraq to winding down the war in Afghanistan; from our response to natural disasters in Haiti and Japan; to the repeal of 'Don't Ask, Don't Tell.' As a veteran of Capitol Hill, Denis understands the importance of reaching across the aisle to make progress for the American people -whether it's on jobs and economy, health care or education, reducing the deficit or addressing climate change.”

Lew replaced possible Illinois gubernatorial candidate Bill Daley, who replaced Rahm Emanuel when he left the job to run for Chicago mayor.