IMF approves Lipsky as first deputy MD

The International Monetary Fund's board on Thursday 1 June approved John Lipsky as IMF first deputy managing director, the second-highest position at the Fund.

Last month IMF Managing Director Rodrigo Rato chose Lipsky, pending board approval, to succeed Anne Krueger, who plans to leave the IMF at the end of August.

Lipsky is set to begin a five-year term in his new position on Sept. 1.

Lipsky, a U.S. citizen, is currently vice chairman of J.P. Morgan Investment Bank.