World Bank hopes to select new chief by May

World Bank hopes to select new chief by May

World Bank hopes to select new chief by May

Alamy Photo

The World Bank said on Feb. 22 it hopes to find a successor by early May to chief David Malpass, who has announced he will step down nearly a year early.

The Washington-based development lender began accepting candidate nominations yesterday, a process that will run until March 29. The bank says women candidates would be “strongly” encouraged.

A shortlist of three candidates will then be issued, followed by “formal interviews... with the expectation of selecting the new president by early May 2023.”

By informal agreement, not cited in the statement, the president of the World Bank is typically an American, while the head of the International Monetary Fund (IMF) is customarily a European.

The 66-year-old Malpass, was appointed in 2019 when Donald Trump was president after previously serving as Under Secretary of the Treasury for international affairs.

A week ago, he made a surprise announcement that he would leave his post nearly a year before his term was due to expire in 2024.

His tenure at the World Bank saw the organization grapple with global crises such as the COVID-19 pandemic, the Russian invasion of Ukraine and an international economic slowdown.

In recent months, Malpass has faced calls for his resignation or removal, with environmental activists accusing him of climate change denialism.