Zürich, June 3 (RHC)-- The head of the international soccer governing body FIFA has resigned over a growing corruption scandal. Sepp Blatter’s announcement follows last week’s indictments of 14 people on corruption charges, including two FIFA vice presidents.

Blatter had vowed to stay on and was re-elected to a fifth term on Friday. But in a dramatic reversal, Blatter said Tuesday he will step down.

Blatter’s announcement came after The New York Times reported Blatter’s secretary general, Jérôme Valcke, allegedly made $10 million in bank transactions that are central elements of the bribery scandal.

U.S. officials have confirmed Blatter is the focus of a criminal investigation, with investigators hopeful those already charged will cooperate. The resignation as president won’t take effect for another four months due to FIFA rules.