Ettore Gotti Tedeschi, the president of the Institute for Works of Religion, commonly known as the Vatican Bank, has been forced to resign after the board of directors issued a no-confidence vote.
The board voted unanimously, saying that Tedeschi had failed to carry out duties of primary importance. The Vatican added in a statement that his dismissal was needed to maintain the vitality of the bank. The board will soon begin searching for a new director.
In the 1980s, the bank was involved in a scandal in connection with the collapse of the Banco Ambrosiano, a private bank with ties to the Vatican that lost close to $40 million following a collapse. Additionally, two years ago, Italian police opened a money laundering investigation against Tedeski, although that had little to do with the board's decision, the Associated Press reported.
Tedeksi has previously admitted to only working one or two days a week at the Vatican Bank, and he is believed to have leaked confidential documents, according to the AP.