President Reagan announced Wednesday that he has accepted the resignation of James Miller, director of the Office of Management and Budget, and that Miller's deputy, Joseph Wright, will take over.

Opening a White House ceremony with the surprise announcement, Reagan said, "I have accepted the resignation of Jim Miller as director of the Office of Management and Budget, effective Oct. 15. Deputy Director Joe Wright will take his place."It goes without saying that I am sorry to see Jim go. He's made an outstanding contribution to our administration and our nation these last few years," the president said.

Miller will take a position at George Mason University.

In his first stint at OMB and while head of the Federal Trade Commission, Reagan said Miller "played a leading role in removing the shackles of excessive regulation from our economy."