The World Bank’s president resigns abruptly

BARACK OBAMA’S nomination of Jim Yong Kim as president of the World Bank was unexpected in Washington, DC, where the trained physician was little known. His imminent departure also comes as a surprise. Mr Kim said on January 7th that he would step down next month, three years before his second term ends, to take up a position at Global Infrastructure Partners (GIP), a private-equity firm in New York.

In fact Mr Kim probably decided to leave months ago. He would have felt he had secured his legacy after a triumph last year, when he persuaded shareholders to agree to a paid-in capital increase of $13bn, expanding the bank’s lending capacity from $60bn to $100bn by 2030. Once he had begun talking to his next employer, he could not stay long without creating a potential conflict of interest—GIP also invests in infrastructure in poor countries. He will not be missed by everyone. A reorganisation he oversaw was loathed by staffers, and...

via The Economist: Finance and economics Business Feeds

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