Business Maverick: World Bank chief Malpass to leave, creating Biden opening

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World Bank president David Malpass said he plans to step down by the middle of this year, giving the Biden administration an opening to pick someone to carry out its goal of overhauling the global development lender to focus more on fighting climate ...

Malpass, 66, whose five-year term was set to run through April 2024, informed the institution’s board of his intentions to depart by the end of the fiscal year on June 30, the Washington-based lender said in a statement on Wednesday.

He ran into controversy last year after fumbling a question at a conference on the causes of climate change, fueling calls for his removal amid criticism that he didn’t accept the scientific consensus of the impact of man-made emissions. “This will be a good opportunity for her to accelerate the bank’s work in implementing that vision,” said Mark Sobel, a former US Treasury official who also represented the US at the International Monetary Fund. “The timing is good for the Biden administration and certainly preferable from that standpoint rather than a drawn out, protracted situation.”

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