Sebastian Coe announced he is stepping down from his role with sportswear company Nike to avoid accusations of conflict of interest with his position as President of the International Association of Athletics Federations (IAAF).
He also confirmed he is resigning as chairman of the British Olympic Association after Rio 2016 so he can concentrate on the IAAF, currently embroiled in allegations of serious corruption involving Coe's predecessor Lamine Diack and accusations of widespread doping among top athletes.
Coe also announced that CSM, the marketing and Consultancy Company he heads, will not tender for any contracts that might lead to allegations of conflict of interest.
The Briton made his announcement following a meeting of the IAAF's ruling Council, the first one held in person since he succeeded Diack as President in August.
Coe revealed he had referred both his roles with Nike and CSM to the IAAF Ethics Commission and they had claimed he could have continued in them as long as he was not personally involved in a decision that affected the IAAF.
"But it is clear that perception and reality have become horribly mangled," Coe told a press conference.
"I have stepped down from Nike position I have held for 38 years.
"The noise has become intolerable and a distraction from the 18-hour days that we are working."
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