New York City Schools Chancellor Joel Klein has announced his resignation after eight years to become a senior advisor to News Corp. The company, parent company to the Wall Street Journal (who surprisingly had the scoop), said in a statement that Klein will be working on "business strategies for the emerging educational marketplace." Mayor Bloomberg is expected to announce Cathie Black, current chairwoman of Hearst Magazines, as his replacement. She would be the first woman ever appointed to the job.

Chancellor Klein, "Numbnuts" to some, has made a number of sweeping reforms to the school system since he became Chancellor in 2002. He organized the release of public school report cards and announced initiatives to improve middle school academic performance. However, critics accused him of not doing enough to save failing schools.

[UPDATE] Cathie Black has been officially appointed the new Chancellor of NYC Schools. Mayor Bloomberg said, "I asked Joel to stay until we could identify a successor - someone with the ability and experience to build on his success, and help take our schools to the next level - and I couldn’t be happier to say that we have found someone who is superlatively qualified to do that."

Manhattan BP Scott Stringer said in a statement, "Joel Klein deserves the thanks of all New Yorkers for answering Mayor Bloomberg’s call to become the first chancellor under mayoral control, and for bringing a measure of accountability to the nation’s largest school system. But there is much work left to be done...While Cathie Black wasn’t on most people’s draft boards to become the next schools chancellor, she has been an all-star in the publishing world for years. I am glad to hear that her first order of business will be reaching out to parents, teachers, and other members of our school community, and I look forward to working with her to help improve city schools for all of our 1.1 million students."