LONDON, Dec 9 (Reuters) - David Ross, the co-founder of UK mobile phone retailer Carphone Warehouse, has resigned from the committee organising the 2012 London Olympic Games following his breach of share disclosure rules.
Ross quit as deputy chairman of Carphone Warehouse on Monday after admitting he had failed to disclose within the necessary timeframe that he had pledged a large proportion of his stake in the company against personal loans.
"I reach this decision with sadness, as I have very much enjoyed making this contribution to British sport," Ross said in a statement announcing his resignation from the London Organising Committee of the Olympic Games (LOCOG) and as chairman of the Legacy Board of Advisors.
"Given the present circumstances, and while they are not connected to the Olympics, I must now devote my full attention to my private business interests.
"I also do not wish to distract others from the important work still to do in making 2012 the success I know it will be."
London Mayor Boris Johnson said he had reluctantly accepted the resignation. (Reporting by Mark Potter, editing by Will Waterman)