Less than a year after the fanfare announcement that he will succeed the Rev. Jesse Jackson as leader of the Rainbow/PUSH Coalition, the Rev. Dr. Frederick D. Haynes III announced his resignation this week amid what insiders described as a painful financial situation.

Few details have been made available, but according to Dr. Haynes’ “Public Resignation Statement,” he said the following as he resigned from the organization that announced him as Jackson’s successor last July and formally installed him on Feb. 1:

“After continued prayer and deliberation, I have decided to step down from the position of Chief Executive Officer and President of Rainbow Push Coalition (RPC), effective immediately. I remain committed to honoring the rich history of RPC and the legacy of its esteemed leader, the incomparable Reverend Jesse L. Jackson Sr., and, most significantly, to the calling and pursuit of social justice. I extend my heartfelt gratitude to all who have expressed their support since my appointment in July of last year. Rest assured that my work in the fight for liberation and freedom continues. Yours in the struggle, Frederick D. Haynes III”

Neither Rev. Haynes nor Rev. Jackson, who has been ill with Parkinson’s disease, could be reached for comment by the deadline. Sources close to the RPC said the organization has been stricken with insurmountable financial problems. Dr. Haynes still serves as the Senior Pastor of Friendship-West Baptist Church in Dallas.

On its website, RPC describes itself by saying, “We protect, defend, and gain civil rights by leveling the economic and educational playing fields and to promote peace and justice around the world.”

According to its written history, The Chicago-based organization, founded in 1971, “is the product of a social justice movement that grew out of the Southern Christian Leadership Conference’s (SCLC) Operation Breadbasket. Founded by Rev. Dr. Martin Luther King, Jr., Operation Breadbasket sought to combine theology and social justice and to effect progressive economic, educational, and social policy in America. In 1966, Dr. King appointed Jesse L. Jackson, Sr. to serve as the first director of Operation Breadbasket in Chicago.”

According to a news release, Haynes’ sold-out installation event on Feb. 1 this year “featured VIP program participants and attendees from all over the country, including Roland Martin, Rev. Al Sharpton (NAN), Shavonne Arline-Bradley (NCNW), Dr. Michael Sorrell, Dr. Amos Brown, and Dr. Ron Daniels.”

–TriceEdneyWire.com