World Bank President David Malpass says he would leave his post well before his term ends, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.
Malpass, appointed by former President Donald Trump, will depart the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June. His five-year term was due to end in April 2024.
According to a source familiar with the matter, the former investment banker informed US Treasury Secretary Janet Yellen of his decision on Tuesday.
Malpass, who survived multiple calls for his resignation last fall and was not expected to be offered a second term, gave no specific reason for the move, saying in a statement, after a good deal of thought, I’ve decided to pursue new challenges.”
Malpass has been under pressure from Yellen in recent months to accelerate reforms aimed at changing the way the World Bank operates to ensure broader lending to combat climate change and other global challenges.
The US Treasury chief said the United States would soon nominate a replacement for Malpass and looked forward to the bank’s board undertaking a “transparent, merit-based and swift nomination process for the next World Bank president.”
Yellen last month declined comment when asked if the United States would support a second term for Malpass.
Malpass is expected to stay at least through the April meetings of the World Bank and International Monetary Fund, but could leave his post before the end of June.