He will complete the rest of Nuzman's current term until 2020.

Nuzman had originally announced last week "my departure will last for as long as it takes" following his arrest last Thursday (October 5). 

Nuzman, currently in prison, has now officially resigned from a position he had held since 1995.

His lawyer Sérgio Mazzillo read out a letter to the meeting formally confirming the decision.

"I come hereby reiterate...my complete exoneration of any liability for the acts unfairly imputed to me, which shall be duly combated by appropriate legal means," Mazzillo read out from the letter by Nuzman. 

Following Nuzman's arrest, the COB have been suspended by the International Olympic Committee (IOC) and will not receive subsidies and payment.

A new Statutory Commission has been established today by the COB to propose new statues within 40 days.

"The focus of the IOC's letter [suspending the COB] is on the issue of governance and we will give a very good response," Marco Aurelio de Sá Ribeiro, President of the Brazilian Sailing Confederation and who is expected to be a member of the new Commission, said. 

"I am sure that, at the end of this process, the COB will have one of the most modern statutes in the world."

Wanderley is the former head of the Brazilian Judo Confederation and Pan American Judo Confederation.

He had been elected Nuzman's Deputy President in April. 

Nuzman was arrested for alleged involvement in a vote-buying scandal connected to Rio's successful bid for the 2016 Olympic and Paralympic Games eight years ago. 

The 75-year-old lawyer is also accused of "corruption, money laundering and criminal organisation".

He has also stood down as President of Rio 2016. 

Nuzman's legal team appeared in court in Rio de Janeiro today to try to get him released.

A judge had yesterday changed his status from temporary detention to preventative detention to stop possible interference in the investigation.