Ross Quits 2012 Olympic Committee

David Ross, the co-founder of British mobile phone retailer Carphone Warehouse has resigned from the committee organising the 2012 London Olympic Games following his breach of share disclosure rules.

Ross also quit as chairman of British bus and train operator National Express Group Plc.

Mr Ross stepped down as director of Carphone Warehouse, which he co-founded, after it emerged that he had used millions of pounds worth of shares as collateral against personal loans without informing the company's other directors - a potential breach of City rules.

Ross said in a statement"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.