The actor-turned-governor announced last year he had agreed to serve as executive editor for Muscle and Fitness and Flex magazines just before he was sworn into office as California Governor.
Critics slammed the actor earlier this week after the size of his consultation fees came to light. They argued the contract is a conflict of interest because his pay comes from advertising revenue and the magazines often feature advertisements about dietary supplements.
However, Schwarzenegger's spokesman has disputed the argument, because the governor was not involved with selling advertising for the publications.
The former action star says in a statement: "When I became governor I pledged to put the people of California front and centre. I don't want there to be any question or doubt that the people have my full devotion. Therefore, effective today I will relinquish my title as executive editor and forego any compensation from the magazines.
"I will continue to promote weight resistance training, health and fitness for all through any avenue that is available to me as I have done my entire life."
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