Dominique Strauss-Kahn has resigned from his post as Managing Director of the International Monetary Fund (IMF) following his arrest last week on suspicion of the attempted rape of a chambermaid in a Manhattan hotel.

In a resignation letter to the IMF Strauss-Kahn said he felt compelled to resign to protect the financial institution and to concentrate all his strength, time, and energy into proving his innocence.

“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,” Strauss-Kahn wrote in a letter to the Board.

“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,” he wrote.

Strauss Khan who is being held in custody at New York’s Rikers Island to await his hearing on Friday denies charges of sexual assault and attempted rape.

The IMF said they will undergo the  process of selecting a new Managing Director in the near future.

Strauss-Kahn arrest casts shadow over EU debt talks