Lagarde Resigns Appointment As IMF MD, Lipton Takes Over

The International Monetary Fund (IMF) has announced the resignation of its managing director, Christine Lagarde and the appointment of David Lipton as the acting managing director of the Fund.
Lagarde will, however, not leave the Fund until September 12, when her resignation will take effect, according to a statement by IMF.

The executive board of the Fund has accepted the resignation of Lagarde and said that it would kick-start the selection process for her successor promptly.
Lagarde, a French lawyer, politician and economist relinquishes her position following her nomination as the president of the European Central Bank (ECB).
“We would like to express our greatest appreciation for all that managing director Lagarde has done for the institution. Her legacy of achievements has made a lasting imprint on the fund," IMF said in a statement.
“Under her guidance, the fund successfully helped its members navigate a complex and unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.”
It added, “The fund has excelled in serving its entire membership over the course of her tenure with cutting-edge policy advice supported by ground-breaking analytical work on a range of macro-critical issues. Her stewardship has been exceptional, and we are grateful for her innovative and visionary leadership.
“With this decision by Managing Director Lagarde, the IMF executive board will initiate promptly the process of selecting the next managing director and will communicate in a timely fashion.”
The executive board added that it had the utmost confidence in Lipton who would remain acting managing director of the fund in the interim period.