World Bank President David Malpass will step down as the head of the anti-poverty lender in June, nearly a year before the end of his term, accelerating the search for a new leader of the Washington-based institution just as it is plotting a massive reform effort.
Malpass, who was often in the hot seat over climate, informed the bank’s board of his decision on Wednesday and sent a note to staff saying he would be pursuing unspecified “new challenges.” He also issued a warning: “Developing countries around the world are facing unprecedented crises.”
Why it matters: Malpass, a Trump-administration nominee, led the bank for over four years and was due to hang on until his term was up in April 2024, having survived efforts to oust him, particularly from climate activists.