Scherr Resigns As U.S. Olympic Committee Boss

Stephanie Streeter, a member of the USOC board of directors will take over on an interim basis.

United States Olympic Committee (USOC) chief executive Jim Scherr unexpectedly resigned on Thursday, just as Chicago is entering the crucial stages of its bid to host the 2016 Summer Games.

Stephanie Streeter, a member of the USOC board of directors will take over on an interim basis.

"The U.S. Olympic Committee is a decidedly stronger and more effective organisation today than it was six years ago, and that is due in large part to the leadership Jim Scherr has provided," USOC chairman Larry Probst said in a statement announcing Scherr's resignation.

"We are indebted to Jim for his outstanding service to the U.S. Olympic movement, and wish him the very best for continued success."

No reasons were given for the decision but Scherr's sudden departure comes at a time when USOC is struggling to maintain sponsors in a withering economy and pushing hard to bring the Olympics to Chicago.

Earlier this week, Scherr had announced the USOC would cut up to 15 percent of its workforce and seek other cost-cutting measures in an effort to slice $7.1 million from its 2009 budget.

A former-Olympic wrestler, Scherr became the first Olympian selected to lead the USOC, taking the role on an interim basis in 2003 before the interim tag was lifted in April 2005.

During his time in charge, Scherr presided over a comprehensive reorganisation of USOC, streamlining operations that culminated in sweeping changes to the USOC constitution and the appointment of a new, 11-person Board of Directors.

"It has been an honour to serve the USOC in this capacity and to lead such a talented team that believes deeply in the mission of the organization," Scherr said in a statement.

"Working together, we have accomplished things that may have seemed impossible six years ago.

"As I depart the organisation, I do so with gratitude for this opportunity, and I remain committed to doing all I can in support of America's athletes, the National Governing Bodies and the USOC."