NEW YORK - New York City Schools Chancellor Cathie Black is stepping down after three rocky months on the job that saw her approval rating sink to 17 percent.

Click "NEXT" below your video player to watch Mayor Bloomberg?s news conference.

Mayor Michael Bloomberg says that he and Black met this morning and agreed mutually that "it is in the city's best interest" if she resigns. Bloomberg says he takes full responsibility for Black's appointment not being successful.

Bloomberg's appointment of the former media executive has proven to be one of the deepest embarrassments of his administration.

Black's appointment stirred outrage from the beginning.  Critics blasted her lack of education experience and connection to the public school system.The mayor said she would be replaced by Deputy Mayor Dennis Walcott.

For extended coverage of Black's resignation go to Channel 612 on your iO Digital Cable Box and select iO Extra.

AP wire services contributed to this report.

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