(Sports Network) - The United States Olympic Committee announced Thursday that chief executive officer Jim Scherr has resigned from his position, effective the end of this month.

Scherr was replaced by Stephanie Streeter, a member of the organization's board of directors, on an interim basis.

"The U.S. Olympic Committee is a decidedly stronger and more effective organization today than it was six years ago, and that is due in large part to the leadership Jim Scherr has provided," said USOC chairman Larry Probst. "Jim guided our organization through a period of unprecedented challenge and change, and did so with an unwavering commitment to enabling America's athletes to succeed on the field of play. We are indebted to Jim for his outstanding service to the U.S. Olympic Movement, and wish him the very best for continued success."

Scherr was the executive director for USA Wrestling from 1990-2000 before he joined the USOC. In March 2003, he was asked to lead the day-to-day operations of the USOC as interim CEO, and got the job on a full-time basis in April 2005.

In 2003-2004, Scherr guided the USOC through a complete reorganization, which included the appointment of a new, 11-person board of directors in May 2004.

"It has been an honor to serve the USOC in this capacity and to lead such a talented team that believes deeply in the mission of the organization," said Scherr. "Working together, we have accomplished things that may have seemed impossible six years ago. And in so doing, we have ensured that the future remains equally bright for the next generation of Olympic and Paralympic hopefuls, as well as young people whose lives will be bettered by the opportunity to participate in sport."

As Chairman, President and CEO of Banta Corporation, Streeter led an organization with more than 8,000 employees worldwide and $1.6 billion in annual revenue.



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