Dominique Strauss-Kahn resigned from his position as head of the International Monetary Fund, media reported on Thursday.
Strauss-Kahn's resignation comes days after he was arrested on charges that he sexually assaulted a woman who worked at the New York hotel where he was staying.
“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,” he said in a statement issued Wednesday, according to the New York Times
Strauss-Kahn's arrest rocked the French political scene, where the financier was expected to be a leading candidate in the French presidential election.
He was arrested by New York police as he boarded an Air France plane earlier this week and has been held at the Rikers Island facility. He was also reportedly on a suicide watch.
A bail hearing is expected to be held on Thursday.