Director of Armenia's Insurance Foundation for Servicemen Varuzhan Avetikyan has submitted his resignation letter.

Avetikyan took to his Facebook page to state the reason for his decision. He wrote that the decision is due to the new challenges facing the Foundation and that the Foundation needs to be governed by a director who will work full-time.

According to Avetikyan, it’s time for the Foundation to undergo a stage of transformation. He added that the Foundation is making compensations for the families of 1,939 servicemen who died during the recent war, 265 servicemen who were severely wounded during the war and the families of 1,055 missing servicemen and has managed to collect over AMD 8,000,000,000 in donations from Armenians and Armenian organizations based in over 40 countries.

The Foundation will make an announcement on the competition for the vacancy for executive director in the coming days and invite experienced Armenians to take part in the competition.

Avetikyan also thanked all the volunteers, employees, friends, partners, sponsors and supporters who worked with the Fund throughout the past four years of the Foundation's existence and supported him and the Foundation to serve the homeland and the Armed Forces of Armenia.