World Bank chief Jim Yong Kim on Monday announced that he is resigning from his post three years before his term was set to expire.
Kim said in an unexpected announcement that he will leave his post on Feb. 1, The Financial Times reported.
“It has been a great honor to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime,” Kim said in a statement, according to the Times.{mosads}
“The work of the World Bank Group is more important now than ever as the aspirations of the poor rise all over the world, and problems like climate change, pandemics, famine and refugees continue to grow in both their scale and complexity.”
World Bank CEO Kristalina Georgieva is reportedly expected to act as interim president following Kim’s departure.
Kim said that he is planning to join a firm that focuses on improving infrastructure in developing countries, but did not specify which firm, CNBC reported.
Kim has led the World Bank since 2012.
His second term, which began in 2017, was set to expire in 2022.