Jim Scherr, the chief executive officer of the Colorado Springs-based U.S. Olympic Committee, resigned yesterday, shocking colleagues in his organization, which is grappling with budget cuts as athletes prepare for the 2010 Vancouver Games, writes the Colorado Springs Gazette. The paper reports that Stephanie Streeter, a 51-year-old business woman and former Stanford basketball player, will take Scherr’s job until a permanent replacement is found.

Scherr, a 48-year-old former Olympic wrestler whose salary two years ago was $560,700, didn’t say much about why he’s leaving: “I’m looking forward to the next chapter of my life.”

His announcement comes days after the USOC announced it would cut its 425-person staff by 10 to 15 percent to save money in tight times.