China’s Shaolin Yang is new CAO; Brazil’s Joaquim Levy Chosen for CFO
WASHINGTON, January 11, 2016—World Bank Group President Jim Yong Kim today announced the appointments of Mr. Shaolin Yang as Chief Administrative Officer and Mr. Joaquim Levy as Chief Financial Officer for the World Bank Group. The two individuals, each of whom joins the Bank Group with vast financial and management expertise, come at a critical juncture as the organization works to end extreme poverty and boost shared prosperity.
Shaolin Yang, Chief Administrative Officer, Managing Director
Chief Administrative Officer (CAO) and Managing Director is a new position in the Bank Group, created to bring together the functions of organizational strategy, budget and planning, and information and technology, among other responsibilities.
Yang, a Chinese national, is currently the Director General of the Department of International Economic and Financial Cooperation at the Ministry of Finance of China (MOF), in charge of economic and financial cooperation between China and international financial institutions as well as foreign governments. In his position, he played a critical role in the creation of the Asia Infrastructure Investment Bank.
“We’re very pleased to welcome Shaolin back to the Bank Group in this critical new role for the institution,” said Kim. “In addition to his strong knowledge of our organization, Shaolin brings a deep background and expertise of driving economic and financial cooperation. He is a very experienced leader, and across all of his positions over the years, Shaolin has excelled at collaboration and consensus building.”
Yang started his career following the World Bank in 1992 as program officer in the World Bank division in the Ministry of Finance. Yang served as the Executive Director for China at the World Bank Group from September 2009 to November 2013, during which time he chaired one of the most important standing committees of the Boards of Directors at the World Bank—the Committee on Governance and Executive Directors’ Administrative Matters.
His appointment is effective Feb 29, 2016.
Joaquim Levy, Chief Financial Officer, Managing Director
Joaquim Levy, a Brazilian national, was until a few weeks ago the Minister of Finance for the Federal Republic of Brazil, acting as a reformer in government overseeing the world’s fifth largest economy. In his previous role in government as Secretary of Finance for the State of Rio de Janeiro, Levy successfully reengineered the apparatus of financial management, which led to the state of Rio receiving an investment grade credit rating from Standard & Poor’s. His career spans key posts in government, senior private sector positions including in asset management, and multilaterals.
“Joaquim’s tireless commitment to reform – oriented toward sustainable and inclusive development – is a significant asset to the World Bank Group as we review our finances and adapt to a rapidly changing environment,” said Kim. “Joaquim possesses a rare mix of expertise in finance and markets, a strong country perspective, and insider knowledge of the multilateral system – all core to our success.”
Levy also held positions in several departments of the International Monetary Fund, European Central Bank, and Inter-American Development Bank. Prior to his position as Finance Minister, he was the Chief Strategist and Head of Bradesco Asset Management from 2010 to 2014.
His appointment is effective February 1, 2016.
“The addition of Shaolin and Joaquim strengthens our roster of leaders with broad geographical representation,” said Kim. “With Sri Mulyani Indrawati, our Chief Operating Officer and former Minister of Finance for Indonesia, the three critical roles of CAO, CFO, and COO are now all filled with nationals from developing countries. I am very pleased that Joaquim and Shaolin are joining a leadership team which reflects the wisdom and diversity of many cultures and countries.”