"I am thankful that the FAS has completed its investigation into the recent allegation that I was a bankrupt and affirmed that I was not adjudged a bankrupt," said Gouttefangeas.
"While I am still confident that I will be able to add value and help bring the S.League to the next level, I have decided that under the current circumstances, it is in the best interests of the league and Singapore football that I relinquish my post.
"I am grateful to the management of FAS and S.League, as well as the stakeholders including the club chairmen, sponsors and fans, who continued to support me during this period.
"As I had mentioned earlier, FAS and the S.League did their due diligence checks on me prior to the appointment and found nothing amiss. It was an oversight on my part that I failed to disclose to FAS the fact that my companies in France were liquidated and that the court in France had imposed on me the prohibition to manage any sole proprietorship, artisanal or commercial.
"I had subsequently apologised to FAS President Zainudin Nordin. I have gained valuable lessons from the business failures in France and I've since become a stronger and wiser person.
"I sincerely urge all stakeholders, including club chairmen, fans and the media, to extend their support to S.League CEO Lim Chin and his team as they strive to raise the standards of the league in all aspects in 2012," added Mr Gouttefangeas.
Zainudin said: "FAS had decided to recruit Mr Gouttefangeas as the Deputy Chief Executive Officer because of his experience in football management and marketing, as well as a vast network of contacts in Europe.
"While we are disappointed that he did not disclose to FAS the status of his companies in France and of the prohibitions imposed on him by the court in France, we accepted his apology as we believe it was an oversight on his part.
"I do understand the concerns expressed by some football officials in recent days. I am also heartened to note that other officials and fans have asked that we give Mr Gouttefangeas an opportunity to prove his worth. Mr Gouttefangeas has however requested to step down from his position - a move he feels is in the best interest of Singapore football. I would like to take this opportunity to wish Mr Gouttefangeas success in his future endeavours."
Mr Zainudin added: "We are less than two weeks away from the kick-off of our 17th season, and with the new initiatives including the inclusion of Brunei DPMM FC and Harimau Muda, I am confident and excited that we will have a great season ahead."