By Matt Egan, CNN
Larry Summers, former president and professor at Harvard University. Photo: Victor J. Blue /Bloomberg / Getty Images via CNN Newsource
Economist and former Treasury Secretary Larry Summers has announced plans on Wednesday (US time) to retire from his professorship at Harvard University at the end of the academic year amid scrutiny over his ties to convicted sex offender Jeffrey Epstein.
In a statement, Summers described the retirement as a "difficult decision" and that he is "grateful" to the thousands of students and colleagues he taught and worked with.
Summers, former Harvard president, has also resigned from his role as co-director of the Mossavar-Rahmani Centre for Business and Government, according to a statement from Harvard spokesperson Jason Newton. He said the dean of the Harvard Kennedy School accepted Summers' resignation "in connection with the ongoing review by the university of documents related to Jeffrey Epstein that were recently released by the government."
According to Newton, Summers will remain on leave until the end of the academic year and will not be teaching or taking on new advisees.
News of Summers' retirement was first reported by the Harvard Crimson student newspaper.
Summers served as Treasury secretary under President Bill Clinton from 1999 to 2001 and then rejoined the White House as director of the National Economic Council under President Barack Obama. Summers played an instrumental role in designing the stimulative policies that were used to get the US economy back on track after the Great Financial Crisis.
He is among a growing list of business leaders and others whose careers have been derailed by the release of files linked to Epstein that have raised questions about their judgement.
In November, Summers said he was "deeply ashamed" about his relationship with Epstein. At the time, Summers said he was pausing all public engagements as he works to "rebuild trust and repair relationships." He was banned for life from the American Economic Association over his ties to the convicted sex offender. He also stepped down from the board of OpenAI and from an advisory board of Spanish bank Santander.
Documents released in recent months have shown Summers had years of personal correspondence with Epstein, including emails that showed the former Harvard president making sexist comments and seeking Epstein's romantic advice.
Harvard would not comment on whether the university considered firing Summers, nor what his exit financial package could look like.
"Free of formal responsibility, as President Emeritus and a retired professor, I look forward in time to engaging in research, analysis, and commentary on a range of global economic issues," Summers said.
-CNN
