The chief executive of Banco Popular (BPOP) has resigned from his roles on the International Olympic Committee.

Richard Carri-n held several posts at the IOC, including chairman of its finance committee and lead negotiator of its television deals. He was runner-up to Thomas Bach in last month’s election of the next head of the IOC.

Bach, chairman of German wood manufacturer Michael Weinig and a former Olympic fencer, succeeded Jacques Rogge, becoming just IOC’s ninth president.

The news of Carri-n’s resignation was reported Wednesday by the Associated Press.

Carri-n, 60, was credited with improving the IOC’s health as head of the finance commission, a role he has held since 2002. He was also the lead negotiator for IOC’s lucrative contracts for U.S. television rights; he will retain that role through the upcoming winter games in Sochi, Russia. He will also step down from his roles on the marketing and audit commissions and his role coordinating the 2016 summer games in Rio de Janeiro, Brazil. He will reportedly keep his IOC membership, which he has held since 1990.

Carri-n resigned to give Bach latitude to choose his own staff. Carri-n “made it clear he was happy to help with any transition and that he would continue with TV negotiations in the meantime," an IOC spokesman told the Associated Press.

In addition to leading the $36.5 billion-asset Banco Popular, Carri-n is on the board of the Federal Reserve Bank of New York.

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