David Malpass to step down as head of World Bank

David Malpass is stepping down as president of the World Bank, nearly four years after former US President Donald Trump nominated him to run the 189-nation agency. The anti-poverty lender said Wednesday that Malpass would be leaving by June 30.

His five-year term was due to expire in April 2024.Malpass, an economist who earlier served as U.S. Under Secretary of the Treasury for international affairs, said in a statement that he had decided to pursue new challenges.Treasury Secretary Janet Yellen thanked Malpass for his service.