David Malpass, the 13th President of the World Bank, announced on Thursday his decision to step down from his position a year prior to his tenure ending in 2024. In a LinkedIn post titled “Intention to Step Down as President,” Malpass shared his gratitude for having served in the position, saying, “It has been an enormous honor and privilege to serve as President of the World Bank Group. I am deeply grateful for the support of the Executive Directors, Officers, and staff across all five of the World Bank Group’s institutions.”
In June 2019, the former US President Donald Trump nominated the 66-year-old to become the successor of Jim Yong Kim. Beforehand, he had served as Under Secretary of Treasury for international affairs. During his tenure, Malpass led the organization in addressing global issues such as COVID-19, the Russian invasion of Ukraine, and an economic slowdown.
However, Malpass received criticism for his handling of certain issues during his tenure. In September of last year, he faced backlash for failing to confirm the scientific agreement that the burning of fossil fuels was a significant contributor to global warming. The World Bank has been criticized in the past for financing projects that contribute to environmental damage, particularly in developing countries.
Malpass’s decision to step down has led to speculation about who will succeed him. Some potential candidates include Samantha Power, Rajiv Shah, Minouche Shafik, and Wally Adeyemo. However, there has been no official announcement from the World Bank about a successor.
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Malpass’s last day as President will be June 30, 2023, leaving the World Bank with a year to find a suitable replacement. His departure comes at a critical time for the organization as it continues to play a significant role in addressing global issues and supporting economic development in developing countries. It remains to be seen who will take over as the next President of the World Bank and what direction the organization will take under new leadership.
