World Bank President David Malpass said Wednesday he will leave his post by the end of June, almost a year before his five-year term ends.
Malpass, appointed by former U.S. President Donald Trump, said in a statement that "after a good deal of thought, I've decided to pursue new challenges," providing no specific reason for his resignation.
He added, "This is an opportunity for a smooth leadership transition as the bank group works to meet increasing global challenges."
With the multilateral development bank traditionally led by an American, Treasury Secretary Janet Yellen said, "We will put forward a candidate" who can carry out its long-standing work of combating extreme poverty as well as address new challenges such as climate change and public health.
Before assuming the post in April 2019, Malpass was undersecretary of the Treasury for international affairs. Last year, he faced criticism for declining to say at a conference whether he accepts the scientific consensus on climate change.
Yellen praised his leadership, saying "the world has benefitted from his strong support for Ukraine in the face of Russia's illegal and unprovoked invasion" and his efforts to reduce the debts of low-income countries.
But she suggested the bank, which has been under pressure to do more to tackle climate change, needs to expand its capacity and expressed hope that its executive board will have a "transparent, merit-based and swift nomination process" for the next president.
