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
IMF News, July 12, 2011
Source details
- Canonical URL
- 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
Other formats
Bibliographic details
- Published: July 12, 2011
Announcement and press identifiers
- Press Release No. 11/275
- Date: July 12, 2011
- Context: Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), proposed appointments to senior management positions.
Appointments and timelines
- Proposed appointments:
- Mr. David Lipton to the position of First Deputy Managing Director, succeeding Mr. John Lipsky.
- Mr. Min Zhu to the position of Deputy Managing Director (a newly created Deputy Managing Director position).
- Key dates and timing:
- Mr. John Lipsky’s term ends on August 31, 2011 (see Press Release No. 11/173).
- Mr. Lipton will serve as a Special Advisor to the Managing Director starting on July 26, 2011.
- Mr. Lipton will assume duties as First Deputy Managing Director on September 1, 2011.
- Mr. Lipsky will stay on as a Special Advisor to the Managing Director from September 1 through November 2011.
- The Managing Director proposed that Mr. Zhu assume his duties in the Deputy Managing Director position on July 26, 2011.
- 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).
Biographical summaries and experience
- Mr. David Lipton:
- Nationality: U.S.
- Current role at time of announcement: 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.
- Previous positions:
- Managing Director and Head of Global Country Risk Management at Citi.
- Managing Director of Moore Capital Strategy Group at Moore Capital Management.
- Senior positions at the U.S. Treasury Department from 1993 through 1998, including Under Secretary for International Affairs.
- Economic advisor to the governments of Poland, Russia, and Slovenia during their transitions.
- IMF staff member for eight years, working on economic stabilization issues in emerging market and poor countries.
- Education: Ph.D. and a Master’s degree in economics from Harvard University (graduated in 1982).
- Mr. Min Zhu:
- Joined IMF as Special Advisor to the Managing Director from the People’s Bank of China in 2010.
- At the People’s Bank of China: Deputy Governor responsible for international affairs, policy research, and credit information.
- At the Bank of China: Group Executive Vice President, responsible for finance and treasury, risk management, internal control, legal and compliance, and strategy and research.
- Other experience:
- Worked at the World Bank for six years.
- Taught economics at both Johns Hopkins University and Fudan University.
Statements from the Managing Director
- On Mr. Lipton:
- “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.”
- On Mr. Zhu:
- “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.”
Governance and approval process
- 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.
- 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.
Source: Press Release No. 11/275, July 12, 2011