U.S. President Barack Obama, right, announces Alan Krueger as a nominee to lead the White House Council of Economic Advisers in the Rose Garden of the White House in Washington, D.C., U.S., on Monday, Aug. 29, 2011.

Alan Krueger, a Princeton University economics professor who advised U.S. Presidents Bill Clinton and Barack Obama, died over the weekend at the age of 58, the university said on Monday.

"It is with tremendous sadness we share that Professor Alan B. Krueger, beloved husband, father, son, brother, and Princeton professor of economics took his own life over the weekend. The family requests the time and space to grieve and remember him. In lieu of flowers, we encourage those wishing to honor Alan to make a contribution to the charity of their choice," the Krueger family said in a statement.

"Alan was recognized as a true leader in his field, known and admired for both his research and teaching," Princeton University said in a statement.