World Bank CEO resigns ahead of schedule
World Bank President David Malpass plans to leave his post less than a year before the end of his term. He did not give specific reasons for his departure.
"After much thought, I decided to take on new tasks," the head of the World Bank said.
Malpass was appointed head of the World Bank Group in April 2019 by President Donald Trump. Prior to that, he served as the U.S. Treasury's Undersecretary for International Affairs.
The head of the World Bank is also Chairman of the Board of Directors of the International Bank for Reconstruction and Development and the International Development Association. The President of the organization chairs meetings of the Board of Directors of the International Finance Corporation (IFC), the Board of Directors of the Multilateral Investment Guarantee Agency (MIGA), and the Governing Body of the International Center for Settlement of Investment Disputes (ICSID).
The President of the World Bank is a citizen of the United States, the country that is the largest shareholder of the bank. The President is elected by the Board of Governors for a five-year term with the possibility of re-election.
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