It comes as no surprise that Haruhiko Kuroda intends to step down as Asian Development Bank president to take the wheel at the Bank of Japan.
Amid much speculation, the bank today announced Kuroda’s resignation as its president, in light of his nomination as Bank of Japan governor by Japanese Prime Minister Shinzo Abe yesterday. His resignation will take effect March 18.
In a message to ADB staff, Kuroda said: “I leave ADB with sadness to be separating from such great people, but I leave with great pride of our accomplishments and with my heartfelt gratitude to everyone at ADB who worked so hard to achieve our success and progress. The mission of ADB remains as important today as it was on the day of its founding, and I have every confidence in ADB’s continuing and ultimate success.”
Palaniappan Chidambaram, chairperson of the ADB board of governors and finance minister of India, lauded Kuroda on his performance of his role.
Kuroda “has done an exemplary job of leading the Asian Development Bank for more than eight years,” said Chidambaram. “His extraordinary vision and leadership has enabled ADB to significantly advance its mission of poverty reduction and sustainable economic development in Asia and the Pacific. We are grateful to him for his service and wish him well.”
Upon confirmation by the Japanese parliament, Kuroda will succeed Masaaki Shirakawa, who is vacating his post on March 19. The proximity of Kuroda and Shirakawa’s exits seem to indicate that we might be able to see Kuroda at the helm of the Bank of Japan before the month ends.
When Kuroda leaves the ADB, his successor will be hand-picked by ADB’s board of governors through a majority vote. The ADBcharter states that the next ADB president will be a national of a regional member country and will hold the post for five years, unless the post is vacated for any reason.
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