On October 15, the Federal Reserve Bank of New York announced the appointment of Timothy Geithner as its President and Chief Executive Officer. Geithner, who has headed the IMF’s Policy Development and Review Department (PDR) since December 2001, is expected to take up his new duties in mid-November.
IMF Managing Director Horst Kohler congratulated Geithner on his selection to one of the most prestigious posts in the U.S. Federal Reserve System. Kohler said he looked forward to working with Geithner in his new capacity, adding “Tim’s work at the IMF, combined with his policymaking experience [at the U.S. Treasury] before he came to the IMF, prepares him well to take on this challenging task.”
Köhler also paid tribute to Geithner. “In a very short time after joining the IMF,” he said, “Tim Geithner was able to lead PDR with great effectiveness. I have relied on Tim for his counsel, which has been thoughtful, solid, and balanced even in the most challenging of times. I and the IMF will miss him, but I also know that the IMF is being honored by the selection of one of its senior staff to head this important institution.”
The full text of IMF Press Release No. 03/170 is available on the IMF’s website (http://www.imf.org).