With plans to leave the Bank for International Settlements in September, Malcolm Knight, is stepping down as general manager immediately.

Knight’s resignation is effective as of September 30. “In order to ensure that there would be no conflicts of interest nor the perception thereof, cooling-off measures were put in place by the chairman of the board after being informed of my resignation. Appropriately, these measures restrict my involvement in sensitive matters, access to information and participation in certain meetings,” Knight explained in a statement.

However, to avoid possible conflicts of interest, he announced plans to leave immediately at the BIS annual meeting. “At its regular meeting yesterday, the board of directors of the BIS reviewed the implications arising from my resignation. In order to prevent any potential or perceived conflict of interest, both I and the board felt that it would be in the best interest of both the institution and myself for me to no longer be actively involved in the management of the BIS,” he added. “We agreed that I will be on leave with effect from tomorrow until the termination of my contract with the BIS at the end of September.”

Hervé Hannoun, deputy general manager, will take over the responsibilities of general manager until the board appoints a replacement for Knight.