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Yunus quits Grameen 'to prevent disruption'

13 May 2011
Nobel laureate Muhammad Yunus
Nobel laureate Muhammad Yunus

Photo: Mark Chilvers

Nobel prize winning social entrepreneur Muhammad Yunus has stepped down as managing director of Grameen Bank.

He made the announcement yesterday, telling reporters that he wanted to 'prevent undue disruption of the activities of Grameen Bank and to ensure my colleagues and our eight million members, and owners of the bank, are not subjected to any difficulty in discharging their responsibilities'.

Back in March, Yunus had vowed to fight for his future at the bank, despite a court ruling supporting a claim from the government that he must step down.

His battle drew supporting voices from across the globe, including the US Congress.

Liam Black, UK representative on the executive board of Friends of Grameen, told Social Enterprise in early March that throwing Yunus out after giving 30 years of his life to the organisation was 'outrageous'.

Roshaneh Zafar, managing director of Pakistan’s Kashf Foundation, told the 2011 Skoll World Forum on Social Entrepreneurship in Oxford: ‘I personally am outraged by what is going on.’

And the forum's founder, eBay billionaire Jeff Skoll, told the conference: ‘We at the Skoll Foundation stand firmly behind Yunus and offer our unequivocal support.'

The full story of Yunus's decision to go has can be found on the BBC and Associated Press, among many others.

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