By Brad Wete
Updated August 05, 2010 at 05:10 PM EDT

Musician and activist Wyclef Jean has resigned as leader of the Yéle Haiti foundation he founded five years ago to raise money and build awareness of his embattled and impoverished homeland, the Associated Press reports. Preparing to formally declare his candidacy for the Haitian presidency, the singer released a statement this morning that confirmed he was resigning the chairmanship of Yéle Haiti, effective immediately.

“I am not stepping down in my commitment to Haiti,” he says in the statement. “On the contrary, regardless of what path I take next, one thing is certain: My focus on helping Haiti turn a new corner will only grow stronger.” Businessman Derek Q. Johnson will now lead the organization. Yéle Haiti raised $9 million in the wake of the Jan. 12 earthquake that killed an estimated 300,000 people, though it did meet heavy scrutiny amid allegations of misappropriations of funds raised.

Jean is expected to announce his presidential intentions tonight on Larry King Live.