Embattled NYC Schools Chancellor Cathie Black resigns

Talk about a New York minute!

Mayor Michael Bloomberg announced this morning that embattled Schools Chancellor Cathie Black has resigned.

"I have nothing but respect and admiration for the work she has done," Bloomberg told reporters at a lower Manhattan press conference. He said he met with Black earlier this morning, and they "mutually agreed that it was in the city's best interest" that the former magazine executive step down because "the story had become about her" and not the city's 1.1 million public school students.

The mayor appointed Black to succeed Joel Klein in November, but her lack of experience and a series of public gaffes left her with a 17 percent approval rating. A number of Department of Education officials have also stepped down since her tenure officially began in January.

"It’s been clear for months now that, like the Titanic, this ship has been sinking with more than one million school children on board," said Manhattan Borough President Scott Stringer.

Dennis Walcott, deputy mayor for education and community development, will succeed her.