Nuzman had led Rio 2016 for 10 years during both its successful bid and then the delivery of the Olympic and Paralympic Games. 

He stepped down temporarily on October 5 following his arrest at his house in Rio de Janeiro on suspicion of corruption.

Nuzman, though, is not expected to ever return to the position.

He was charged by Federal Public Prosecutor's Office yesterday with corruption, tax evasion, money laundering and running a criminal organisation.

Brazilian and French authorities allege that Nuzman helped pay $2 million (£1.5 million/€1.7 million) in bribes to try to influence the votes of African members of the International Olympic Committee (IOC) before the vote in Copenhagen in 2009, where Rio de Janeiro were awarded the Games ahead of Chicago, Madrid and Tokyo. 

Under the statutes of Rio 2016, if the President has to step down then the first vice-president takes over.

Menezes, a former rower who represented Brazil in the Pan American Games, will hold the position for the next three months before a new meeting is convened to decide which step to take next.

He is a former President of Brazilian bank Banco Prosper and of the Rio Stock Exchange.

Menezes was also briefly President of the Brazilian Equestrian Confederation. 

He was chief financial officer of the Brazilian Olympic Committee (COB) under Nuzman.

It was revealed when the Panama Papers were published in 2015 that Menezes had an offshore company in the Central American country.

Under Brazilian law, it is not illegal to have an offshore account as long as it is declared on an individual's income tax return, which Menezes did.

According to Brazilian newspaper Folha de S. Paulo, successful Brazilian businesswoman Luiza Trajano is the favorite to replace Nuzman on a permanent basis. 

Another candidate is Manoel Felix Cintra Neto, the executive chairman of Brazilian bank Banco Indusval S.A. 

There is also the possibility, however, that Rio 2016 may operate without a President

The IOC suspended their relationship with Rio 2016 following the arrest of Nuzman and Leonardo Gryner, the Organising Committee's general director.

Gryner was arrested along with Nuzman and was also charged yesterday.

Unlike Nuzman, however, he has been released from prison.

Rio 2016 was originally due to disband in June but is continuing to operate as it has several outstanding bills, believed to run into millions of dollars.

Nuzman announced last week he was standing down permanently as President of COB, a position he had held since 1995. 

He was replaced by Paulo Wanderley, his deputy at COB, who will serve the rest of Nuzman's term until 2020.