The embattled managing director of the International Monetary Fund, IMF, Dominique Strauss-Kahn has resigned as he faces sexual assault charges in New York.

The IMF’s executive board released a letter from the French executive, Wednesday, as the 32-year-old African immigrant housekeeper accusing him of sexual assault testified today in front of a grand jury in New York.

*Dominique Strauss-Kahn in court.

 Dominique Strauss-Kahn’s resignation letter:

Ladies and Gentlemen of the Board:

It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF.

I think at this time first of my wife-whom I love more than anything-of my children, of my family, of my friends.

I think also of my colleagues at the Fund; together we have accomplished such great things over the last three years and more.

To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me.

I want to protect this institution which I have served with honor and devotion, and especially-especially-I want to devote all my strength, all my time, and all my energy to proving my innocence.

Dominique Strauss-Kahn

It is reported that the IMF will meet in the near future to select a new managing director, while, John Lipsky is at present, the Acting Managing Director.