From Al Bredenberg's blog

STATEMENT OF FCC CHAIRMAN MICHAEL K. POWELL ON LEAVING THE COMMISSION

Today, I sent a letter to the President thanking him for the incredible privilege of chairing the Federal Communications Commission during his first term. With a mixture of pride and regret I informed him of my intention to step down as a commissioner and chairman some time in March.

Having completed a bold and aggressive agenda, it is time for me to pursue other opportunities and let someone else take the reins of the agency. During my tenure, we worked to get the law right in order to stimulate innovative technology that puts more power in the hands of the American people, giving them greater choices that enrich their lives. Evidence of our success can be seen increasingly in the offices, the automobiles and the living rooms of the American consumer.

The seeds of our policies are taking firm root in the marketplace and are starting to blossom. The use of cell phones, digital televisions, personal video recorders, and digital music players, is exploding. These devices are increasingly connected anytime, anywhere by a wide variety of broadband networks enabling a host of competitive services and new applications. Our children will inherit this exciting future.

My only significant regret is that I will no longer have the pleasure and privilege of working shoulder to shoulder with the most talented and dedicated staff and colleagues that I have known. I look forward to spending some time off with my wife and two boys, before taking up my next challenge. They have been wonderfully supportive and patient.
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Also check these links out:
Greg Galitzine FCC Chairman Resigns Part 1
Greg Galitzine FCC Chairman Resigns Part 2
Greg Galitzine FCC Chairman Resigns Part 3
Greg Galitzine FCC Chairman Resigns Part 4