Press Release No. 11/275

Press Release: IMF Managing Director Christine Lagarde Proposes Appointment of Mr. David Lipton as First Deputy Managing Director and Mr. Min Zhu as Deputy Managing Director

July 12, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has proposed the appointment of Mr. David Lipton to the position of First Deputy Managing Director.  He will succeed Mr. John Lipsky, whose term ends on August 31, 2011 (see Press Release No. 11/173). Ms. Lagarde has also proposed the appointment of Mr. Min Zhu, currently Special Advisor to the Managing Director, to the position of Deputy Managing Director.

Mr. Lipton will serve as a Special Advisor to the Managing Director, starting on July 26, 2011, before assuming his duties as First Deputy Managing Director on September 1, 2011. As indicated earlier, Mr. Lipsky will stay on as a Special Advisor to the Managing Director from September 1 through November 2011.

In announcing her selection of Mr. Lipton, Ms. Lagarde said: "I am delighted to propose David Lipton as the next First Deputy Managing Director.  Combining international expertise, public sector policy making and private sector experience, and a proven track record in economic crisis management, David brings to the Fund extensive experience in policy-making, excellent communication and negotiating skills, and a very good knowledge of IMF policies and procedures.”

Mr. Lipton, a national of the U.S., is currently serving as Special Assistant to the President and Senior Director for International Economic Affairs at the U.S. National Economic Council and U.S. National Security Council at the White House. Before taking his current job, he was Managing Director and Head of Global Country Risk Management at Citi. Prior to that, he was Managing Director of Moore Capital Strategy Group at Moore Capital Management. From 1993 through 1998, he held senior positions at the U.S. Treasury Department, including as Under Secretary for International Affairs. Prior to that time, he served as an economic advisor to the governments of Poland, Russia, and Slovenia during their transitions. After graduating from Harvard University in 1982, where he had earned a Ph.D. and a Master’s degree in economics, Mr. Lipton served on the staff of the IMF for eight years, working on economic stabilization issues in emerging market and poor countries.

Mr. Zhu joined the IMF as a Special Advisor to the Managing Director from the People’s Bank of China in 2010 (see Press Release No. 10/58). The Managing Director has proposed that Mr. Zhu assume his duties in the newly created Deputy Managing Director position on July 26, 2011, working with the other three Deputy Managing Directors in support of the Managing Director.

“Min Zhu brings a wealth of experience in government, international policy making and financial markets, strong managerial and communication skills as well as an institutional understanding of the Fund, and I look forward to his counsel,” Ms. Lagarde said. “As Deputy Managing Director, he will play an important role in working with me and the rest of my management team in meeting the challenges facing our global membership in the period ahead, and in strengthening the Fund’s understanding of Asia and emerging markets more generally. I am looking forward to working closely with Min, David and my other team members.”

As Deputy Governor of the People’s Bank of China, Mr. Zhu was responsible for international affairs, policy research, and credit information. Prior to his service at China’s central bank, he held various positions at the Bank of China where he served as Group Executive Vice president, responsible for finance and treasury, risk management, internal control, legal and compliance, and strategy and research. Mr. Zhu also worked at the World Bank for six years, and taught economics at both Johns Hopkins University and Fudan University.

The Managing Director selects and appoints the First Deputy Managing Director, and Deputy Managing Directors of the Fund. These appointments require approval by the Executive Board and, as is the practice for such appointments, the Board is consulted regarding the type of qualifications that, in the view of the Executive Board, the First Deputy Managing Director and a Deputy Managing Director should possess.

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