Press Release No. 03/170

Press Release: IMF Managing Director Congratulates Geithner on Appointment to the Federal Reserve Bank of New York

October 15, 2003

Mr. Köhler issued the following statement after the announcement of the appointment was made by the New York Fed:

"Tim Geithner has informed me that he has been offered, and has decided to accept, the Presidency of the Federal Reserve Bank of New York. I congratulate Tim wholeheartedly for being selected for this challenging job and very much look forward to working with him in his new capacity. Tim's work at the IMF—as Director of the Policy Development and Review Department—combined with his policy-making experience before he came to the Fund, prepares him well to take on this challenging task. There will be many occasions later for me to record my appreciation of Tim's service to the IMF. In a very short time after joining the Fund, Tim Geithner was able to lead PDR with great effectiveness. I have relied on Tim for his counsel which has been thoughtful, solid and balanced even in the most challenging of times. Needless to say I and the Fund will miss him but I also know that the Fund is being honored by the selection of one of its senior staff to head this important institution."

Mr. Köhler stated that an appointment to fill Mr. Geithner's position at the Fund will be made in due course.

Mr. Geithner was appointed Director of the Policy Development and Review Department at the IMF in June 2001 (see Press Release No. 01/27). He joined the IMF from the U.S. Treasury Department where he had served in various positions, including as Undersecretary for International Affairs, prior to joining the Fund.