The Board of Directors of the Bank for International Settlements (BIS) has earlier this week elected its new Chairman.
Jens Weidmann, President of the Deutsche Bundesbank, will chair the board, with his appointment to become effective on November 1, 2015. Mr Weidmann’s term is for a period of three years.
Mr Weidmann will succeed Christian Noyer, who will serve as Chairman of the Board until he retires as Governor of the Bank of France on October 31, 2015. Mr Noyer first assumed the responsibilities of BIS’ Chairman in March 2010 and is currently serving his second term in the role. Members of the Board of Directors expressed their gratitude to Mr Noyer for his excellent services to the Bank during this time.
The Board of the BIS is responsible for determining the institution’s strategic and policy direction, supervising its Management, and fulfilling the specific tasks given to it by the Bank’s Statutes.
To view the official announcement by BIS, click here.