IMF Managing Director Rodrigo de Rato on May 18 nominated John Lipsky to succeed Anne Krueger as the Fund’s next First Deputy Managing Director. Lipsky, currently the Vice Chairman of JP Morgan Investment Bank, has previously served as chief economist of JP Morgan, Salomon Brothers, and Chase Manhattan Bank, where he was also director of research. Before joining Salomon Brothers in 1984, Lipsky spent a decade at the IMF, where he worked on a number of countries and served as the Fund’s Resident Representative in Chile during 1978–80.
“John Lipsky will bring to this important position an international reputation in macroeconomics, a first-rate record in leadership, and outstanding skills as a communicator,” de Rato said. “John is no stranger to the Fund, having worked here for 10 years until 1984. Since then, he has enjoyed a highly successful career working as an economist on financial markets. John has also been an influential commentator on the reform of the international financial system and the work of the Fund. 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.”
In 2000, Lipsky chaired the Financial Sector Review Group, set up by then–IMF Managing Director Horst Kohler to provide the Fund with an outside perspective on how to organize its financial sector and capital markets work. A U.S. national, Lipsky has an M.A. and a Ph.D. in economics from Stanford University.
The IMF’s First Deputy Managing Director is selected and appointed by the Managing Director, and the appointment must be approved by the IMF’s Executive Board. Lipsky will serve a five-year term. “John will build on the legacy of Anne Krueger, who has served the Fund with great distinction over the past five years,” de Rato said. Lipsky is expected to be able to begin his new position on September 1, 2006.