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.

Sepp Blatter: “I decided to stand again to be elected because I was convinced it was the best option for our institution. The elections are closed, but the challenges that FIFA is facing have not come to an end. FIFA needs a profound restructuring. Although the members of FIFA have given me a new mandate, have re-elected me president, this mandate does not seem to be supported by everybody in the world of soccer — supporters, clubs, players, those who inspire life in soccer.”

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 won’t take effect for another four months due to FIFA rules.