David Ross quits Boris Johnson’s 2012 team

David Ross (pictured), who yesterday resigned from the board of Carphone Warehouse after it was revealed he had pledged his 136m shares in the mobile phone retailer as security against personal loans, is not having an easy time of it right now. This afternoon he announced that he is also stepping down from London mayor Boris Johnson's Olympic team, where he had been overseeing the budget for the 2012 Games.

It appears that Ross, 43, jumped rather than being pushed. Until today, the mayor was keen to keep him on - a senior source in Johnson's office had told the London Evening Standard: "If the Financial Services Authority (FSA) doesn't find any fault with David Ross all we have to go on is his firm saying it's an oversight. The mayor is not yet convinced that the case for him going is overwhelming."

Ross is under investigation by the FSA because he broke the Stock Exchange disclosure rules by failing to declare that he had pledged his personal stake in Carphone Warehouse as collateral. Ross has also admitted to using his stakes in National Express, Big Yellow and Cosalt for the same purpose, apparently to use to build his commercial property portfolio.