World Bank president David Malpass will step down from his post by the end of June, nearly a year before his term expires, following sustained criticism over its response to climate change under his leadership.
The bank issued a statement on Wednesday saying Malpass, who was appointed by former US president Donald Trump, had informed the board of his decision to step down after four years “to pursue new challenges”.
“It has been an enormous honour and privilege to serve as president of the world’s premier development institution alongside so many talented and exceptional people,” Malpass said in a statement.
In an internal email to staff seen by the Financial Times, Malpass said that while his intention to step down by June would coincide with the end of the bank’s fiscal year, “the next few months” would “provide a good opportunity for a smooth leadership transition”.
