Dominique Strauss-Kahn, the managing director of International Monetary Fund (IMF), has resigned from his position following charges of alleged sexual assault of a New York hotel maid.

In a letter to the Board, he said I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF.

However, Strauss-Kahn has denied all the charges laid against him and he said he wants to protect the institution.

Strauss-Kahn has been charged with sexual assault, forcible confinement, and attempted rape of a maid who entered his hotel suite. He was refused bail and remanded to jail, with his next court appearance scheduled for May 20.

To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me.

I want to protect this institution which I have served with honor and devotion, and especially-especially-I want to devote all my strength, all my time, and all my energy to proving my innocence.

The Fund named John Lipsky as Acting Managing Director and will communicate in the near future on the Executive Board's process of selecting a new Managing Director.

John Lipsky was serving as First Deputy Managing Director of the International Monetary Fund since Sept.2006.

French-born Strauss-Kahn assumed office as the tenth Managing Director of the IMF on Nov. 1, 2007, with the backing of his country's president, Nicolas Sarkozy.

Prior to taking up his position at the IMF, Strauss-Kahn was a member of the French National Assembly and Professor of Economics at the Paris Institute for Political Studies. From 2001 to 2007, he was reelected three times to the National Assembly, and in 2006, he ran for the Socialist Party's nomination for the French presidential election. Earlier, Strauss-Kahn served as Minister of Economy, Finance and Industry of France from June 1997 to November 1999. In this capacity, he managed the launch of the Euro. He also represented France on the Board of Governors of a number of international financial institutions, including the IMF. 

Strauss-Kahn has been married to his third wife, French journalist Anne Sinclair, since 1991 and has four daughters.