Getty Art Boss Probe

The president of the J. Paul Getty Trust - one of the world's richest art institutes - has resigned amid a probe over allegations that the trust's assets had been misused for personal benefit, excessive travel and lavish pay. The Board of Trustees said in a statement on Thursday that Barry Munitz, president and CEO for the past eight years, had decided to resign effective immediately. Munitz will receive no severance package and will pay the Getty Trust $250,000 (142,000 pounds), without admitting any wrongdoing, to resolve any outstanding disputes, the statement said.