Mr. Baldi. (Courtesy Getty Images)

Art in America reports that the president of the two-year-old Maxxi contemporary art museum in Rome, Pio Baldi has resigned his position at the embattled institution.

The museum was in the news recently when budget cuts prompted the Italian government to reject the museum's proposed annual budget, which fell in the $13 million range, and to call for the entirely new board of directors.

Mr. Baldi said in a statement:

"I would like to wish MAXXI and its new leader the greatest possible success and above all I would wish the same for all those colleagues who over the last few years have worked with me with passion and spirit of sacrifice to realise and create this wonderful Italian adventure projected towards the future."