IMF chief proposes to reappoint David Lipton as first deputy managing director

International Monetary Fund Managing Director Christine Lagarde on Monday announced her decision to renew David Lipton's five-year tenure as the first deputy managing director starting Sept. 1, 2016.

The proposal still needs approval from the IMF's executive board.

Lipton, a U.S. national, has worked as the first deputy managing director of the IMF from Sept. 1, 2011.

"Combining international expertise, public sector policy making and private sector experience, and a proven track record in economic crisis management, David has demonstrated over the last five years his excellent policy making acumen, and invaluable appreciation of IMF policies and procedures," Lagarde said in a statement Monday.

Before joining the IMF, Lipton served as senior director for International Economic Affairs at the National Economic Council under the Obama administration, and was undersecretary for international affairs at the Treasury Department under the Clinton administration.

He also worked as the head of global country risk management at Citibank and worked with hedge fund Moore Capital Management. Enditem