Press Release No. 03/153

Press Release: Deputy Managing Director Shigemitsu Sugisaki to Leave IMF in Early 2004

September 10, 2003

Shigemitsu Sugisaki (http://www.imf.org/external/np/omd/bios/ss.htm), Deputy Managing Director of the International Monetary Fund (IMF), will leave his position around the beginning of 2004. A successor to Mr. Sugisaki, who joined the IMF in August 1994, is expected to be named in due course by IMF Managing Director Horst Köhler.

In announcing his decision to leave, Mr. Sugisaki said "I have informed the Managing Director that I will relinquish my duties as Deputy Managing Director around the beginning of 2004, once a smooth transition to my successor has been arranged. After nine years with the Fund, I believe that it is time for my wife and me to be reunited with our family in Japan. I will leave the Fund with the utmost respect for this institution, and the strongest possible admiration for its dedicated and outstanding staff. It has been a great privilege to work at the Fund during this challenging time for the international financial system. I am extremely grateful to the two Managing Directors with whom I have served, Horst Köhler and Michel Camdessus, and to the officials of member countries with whom I have had the opportunity to work so closely. I would particularly like to thank my colleagues in the IMF's management team, Executive Board, and staff for their support and friendship throughout my tenure at the Fund. This has made my experience truly rewarding."

In informing the IMF's Executive Board of Mr. Sugisaki's decision, Mr. Köhler said, "When Shige Sugisaki started his second term in February 2002, he mentioned to me that he might not serve out his full term. Shige has now informed me of his desire to step down around the beginning of 2004 to return to Japan and be closer to his family. While there will be many opportunities for us to express our appreciation for Shige Sugisaki's service to this institution, I would like say a few personal words now. Shigemitsu Sugisaki has had an extraordinary career of public service dedicated to the pursuit of sound economic policies in his home country Japan, in Asia, and—more recently—globally. At the Fund, he has made a remarkable contribution to our work and to the effective operation of this institution over the past nine years. He is a man of great integrity and humanity, and I have relied enormously on his advice and support. While Shige's decision to leave early has come as no surprise to me, I very much regret that he is not staying longer, especially because I have benefited greatly from his management style, which has been smooth and steadfast even in the most turbulent of times. I am sure that Shige will be sorely missed at the Fund."

Mr. Sugisaki joined the Fund as Special Advisor to the Managing Director in August 1994 and was appointed Deputy Managing Director in February 1997 for an initial term of five years. He was appointed to a second (four-year) term in February 2002. As Deputy Managing Director, Mr. Sugisaki is one of the IMF's four-member management team and has broad responsibilities in running the Fund, including chairing meetings of its Executive Board.

Prior to taking up his position at the Fund, Mr. Sugisaki was Secretary-General of the Executive Bureau, the Securities and Exchange Surveillance Commission in Japan. From 1979 to mid-1993, he held a number of positions in the Ministry of Finance, including Deputy Vice-Minister for International Affairs in 1990-91, Deputy Director-General of the International Finance Bureau in 1991-92, and Commissioner of the Tokyo Regional Taxation Bureau in 1992-93.

A Japanese national, Mr. Sugisaki, 62, has a B.A. from the University of Tokyo and a Master's in International Affairs from Columbia University. He joined Japan's Ministry of Finance in 1964 as a member of the Ministry's Secretariat. He held various positions in the International Finance Bureau and the Tax Bureau, and was appointed Personal Assistant to the President, Asian Development Bank in 1976.