She will transfer power to Lieutenant Governor Sean Parnell. You are welcome, Alaska!

Update: Here is her resignation speech/press conference. She says she just doesn’t want to be a “lame duck”.

Sarah Palin announces her resignation as Alaska's Governor


However, FireDogLake is reporting that

This just in my in-box, from a source connected sometimes to CNN:

“Here’s a quote I got from law enforcement here in Alaska yesterday afternoon regarding Palin “a criminal indictment is pending authorization.”EdwardTeller
FireDogLake.com