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WASHINGTON (CNN) -- President Bush announced Wednesday that Defense Secretary Donald Rumsfeld is stepping down from his post.

"The timing is right for new leadership at the Pentagon," Bush said at the White House Wednesday afternoon.

Rumsfeld has been heavily criticized for his policies in Iraq, and exit polls taken during Tuesday's midterm election, seen by some as a referendum on Bush and his administration, showed strong voter dissatisfaction -- 57 percent -- with the Iraq war.

"I recognize that many Americans voted last night to register their displeasure with the lack of progress being made" in Iraq, Bush said.

Bush said he had "a series of thoughtful conversations" with Rumsfeld about the defense secretary's resignation.

Former CIA chief Robert Gates, who headed that agency from 1991 until 1993, will be nominated to take over as defense secretary, Bush said Wednesday.

Gates is now president of Texas A&M University in College Station, Texas.

Rumsfeld, 74, has served as defense secretary since January 20, 2001, the beginning of Bush's first term.

He also served as defense secretary under President Ford from 1975 to 1977.

"Don Rumsfeld has been a superb leader during a time of change," Bush said Wednesday. "Yet he also appreciates the value of bringing in a fresh perspective during a critical period in this war."

With the change, Bush pledged to stand by the people of Iraq.

"Do not be fearful," Bush said in reference to Iraqis. "As you take the difficult steps toward democracy and peace, America's going to stand with you. We know you want a better way of life, and now is the time to seize it."

Bush also expressed support for U.S. military personnel.

"Don't be doubtful. America will always support you," the president said. "Our nation is blessed to have men and women who volunteer to serve and are willing to risk their own lives for the safety of our fellow citizens."

Pressure mounted on Rumsfeld

Rumsfeld has been under increasing pressure as U.S. casualties mount in Iraq.

Monday an editorial in Military Times Publications -- which includes the Army Times, Navy Times, Air Force Times and Marine Corps Times -- called for him to step down. The publications are independent of the Department of Defense.

October was the fourth-deadliest month for U.S. troops since the 2003 invasion, with 105 Americans killed.

As the war in Iraq dragged on, Rumsfeld became a lightning rod for critics of the war, with many accusing him of failing to send enough U.S. troops to Iraq or plan for the country's occupation and reconstruction.

His public approval rating sagged as the war became more unpopular. Fifty-two percent of those surveyed in a CNN poll in early October said they believed Bush should fire Rumsfeld; only 33 percent said no.

A recent book by journalist Bob Woodward states that former White House Chief of Staff Andrew Card tried to persuade Bush to fire the defense secretary, a fact a senior White House official confirmed to CNN last week.

The sometimes-prickly defense chief also has had his detractors in Congress, including many Democrats and some fellow Republicans, including Sen. Mike DeWine, who lost his seat in a tight Ohio race on Tuesday.

Earlier this year, eight retired generals, including former NATO commander Wesley Clark and the former head of the U.S. Central Command Anthony Zinni, called for Rumsfeld's resignation. They accused him of mishandling the Iraq war and failing to do post-planning.

Bush said while Rumsfeld's resignation had been in the works for a period of time he held off any announcement until Wednesday because he "didn't want to inject a major decision about this war in the final days" of the election campaign.

Move gains Democrats' support

Democrats on Wednesday expressed support for new leadership at the Pentagon.

"I welcome this change. I think it will give a fresh start to finding a solution to Iraq rather than staying the course," said Rep. Nancy Pelosi, D-California, who is poised to become House speaker after Democrats won control of that chamber on Tuesday.

"I recognize that the country's going to be well-served with a new secretary of defense. I look forward to working with that person," said Sen. Harry Reid, D-Nevada, the Senate minority leader.

"But also, I look forward to working with the president to see if the new secretary of defense will help work to change course in Iraq. We have to do that," Reid said.

"Yesterday's election was a cry for change, and for the first time it looks like the president is listening," said Sen. Charles Schumer, D-New York.

"The nomination of a new Department of Defense secretary is a good first step, and we hope it is a sign that the president is looking toward a new course of action in Iraq. We look forward to working with him on an Iraq policy that is both strong and smart," Schumer said.