Sudden Resignation

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World Bank Group President Jim Yong Kim has announced his resignation saying he will step down on February first. The Korean American still has three years left in his term and the sudden resignation is under keen spotlight. Take a look

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World Bank Group President Jim Yong Kim has suddenly announced his resignation with three years still left in his tenure. Kim said on Twitter and in a statement on Monday that it's been the greatest privilege to lead the dedicated staff of a great institution that bring us closer to a world that is finally free of poverty. Regarding his future steps, Kim said he will join an investment firm and focus on increasing infrastructure investments in developing countries, saying this is a way to have an impact on global issues such as climate change. Kim assumed the top post in 2012 during the Obama administration as the first Asian to head the World Bank. He was appointed to another consecutive term which would have continued through 2022. During his time in office, Kim eagerly supported renewable energy projects and reduced investments in coal power, demonstrating a different stance from the Trump administration. Citing familiar sources, Reuters said that Kim was leaving of his own accord and was “not pushed out” by the Trump administration. The Wall Street Journal and the Associated Press say that Kim’s unexpected departure is likely to set off a fierce battle between the Trump administration and other countries who have complained about U.S. influence over the World Bank. Kim emigrated to the United States when he was five and went on to become a professor at Harvard medical school and director of the HIV department at the World Health Organization. The World Bank said that its chief executive officer and Bulgarian environmental economist Kristalina Georgieva will assume the role of interim president when Kim departs on February first.