Sebastian Coe announced here today he is stepping down from his role with sportswear company Nike to avoid accusations of conflict of interest with his position as President of the International Association of Athletics Federations (IAAF).
He also confirmed he is resigning as chairman of the British Olympic Association after Rio 2016 so he can concentrate on the IAAF, currently embroiled in allegations of serious corruption involving Coe's predecessor Lamine Diack and accusations of widespread doping among top athletes.
Coe also announced that CSM, the marketing and consultancy company he heads, will not tender for any contracts that might lead to allegations of conflict of interest.
The Briton made his announcement following a meeting of the IAAF's ruling Council, the first one held in person since he succeeded Diack as President in August.
Coe revealed he had referred both his roles with Nike and CSM to the IAAF Ethics Commission and they had claimed he could have continued in them as long as he was not personally involved in a decision that affected the IAAF.
"But it is clear that perception and reality have become horribly mangled," Coe told a press conference.
"I have stepped down from Nike position I have held for 38 years.
"The noise has become intolerable and a distraction from the 18-hour days that we are working."
Coe gave up his £100,000 ($151,000/€142,000) per year role with Nike following continued allegations he had been involved in helping Eugene, where the American company are based, being awarded the 2021 IAAF World Championships without a formal bid process.
The two-time Olympic 1500 metres champion has always denied he did anything wrong.
"I don't believe it was a conflict of interest," Coe said.
"I have always declared my interests with Nike, but it was purely on a basis that I felt I needed to focus unflinchingly on the challenges ahead with my colleagues, and it had become a distraction, there's no doubt about that.
"I have always declared my role with Nike as I have in a range of activities.
"I don't feel it was a conflict of interests, but it had undoubtedly become a distraction."
Coe dismissed claims he should have given up his role with Nike immediately after he was elected to succeed Diack in August.
"I chose not to come to that decision sooner because I wanted to share today with my Council colleagues, but also the internal governances we are putting ourselves under," he said.
"I'm very open about this. In the time that I have been a Nike ambassador, even since I was an athlete back in 1978, this has been a long and historic relationship.
"I maintained it without any questions during the [London 2012] years when Adidas were our partner, and during the BOA years.
"The decision I chose to take in the last few weeks was one that I think reflected my absolute intention to focus as long and as hard as I can on steadying the ship that has been rocking rather badly recently."
There is now likely to be a discussion which will ultimately end with the role of IAAF President being a paid one.
"Especially considering what Seb has given up. the athletes want someone at the top to be paid to deliver professional services for the sport," said Frankie Fredericks, the four-time Olympic silver medallist, who is now head of the IAAF Athletes' Commission.
A new integrity unit to oversee several matters, including doping and corruption, is also to be established following its formal approval.
"The integrity unit will look at anti-doping but not exclusively anti-doping," revealed Coe, who had first announced plans for the scheme last month.
"The manipulation of sports competitions, age manipulations allegiances switches and the behaviour and conduct of third parties and representatives.
"It is about bringing together these disparate elements.
"We want to get the unit up and running as soon as possible."
November 2015: Diack's role in awarding of 2021 IAAF World Championships to Eugene questioned by former Interpol chief
November 2015: IAAF Council member who voted to ban Russia being investigated by Kenyan police for siphoning off funds from Nike sponsorship deal
November 2015: Diack resigns as honorary member of International Olympic Committee
November 2015: Coe promises to rebuild athletes and "restore trust" after Diack corruption scandal
November 2015: Diack son among group facing disciplinary action over Russian doping cover-up, IAAF Ethics Commission confirm