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IMF chief nominates new deputy

Rodrigo Rato has nominated a new deputy to succeed Anne Krueger, who is stepping down after five years in the job.

india Updated: May 19, 2006 11:17 IST

International Monetary Fund chief Rodrigo Rato has nominated a new deputy to succeed Anne Krueger, who is stepping down after five years in the job.

US national John Lipsky, vice chairman of JPMorgan Investment Bank, would take over as the IMF's first deputy managing director from September if confirmed by the Fund's executive board.

Lipsky, 59, worked at the IMF for 10 years until 1984 before leaving for Wall Street.

"Since then he has enjoyed a highly successful career working as an economist on financial markets," Rato said in a statement.

"This breadth of skills and experience will enable him to make a major contribution in the period ahead as we implement the Fund's medium-term strategy," he said.

US Treasury Secretary John Snow said Lipsky was "an excellent choice and a worthy successor to Anne Krueger".

"John Lipsky's appointment comes at a critical time in the IMF's evolution, and I believe the organization will be extremely well-served by his broad experience and sound judgement," he said.

The job of IMF first deputy managing director has traditionally been occupied by an American, while the chief's post is reserved for a European.