"Dear colleagues. I'm writing to notify you that I informed the Board of my decision of my intention to step down from my role as World Bank Group President by the end of our fiscal year," the letter said.
Bloomberg reported that he will step down in about a year. The bank's fiscal year ends on June 30, 2023 while Malpass' term was supposed to expire on April 9, 2024.
The World Bank presidency is typically held by an American, and the US Treasury Department said it will nominate a candidate to replace Malpass.
"The United States looks forward to the Executive Board running a transparent, merit-based and swift nomination process for the next World Bank President," US Treasury Secretary Janet Yellen said. "We will put forward a candidate to lead the World Bank and build on the Bank’s longstanding work."
Under Malpass’ leadership, the World Bank had "measurably improved" on its agenda of raising the livelihood of people around the world, Yellen said, noting particularly his strong support for Ukraine in its conflict with Russia and work in alleviating Afghanistan’s crisis.