John Lipsky will take over as acting managing director of the International Monetary Fund (IMF) following the resignation of Dominique Strauss-Kahn on Wednesday following the charges of alleged sexual assault against him.

The IMF said it would inform in the near future on the selection process of a new chief.

John Lipsky was serving as First Deputy Managing Director of the International Monetary Fund since September 2006.

Before joining the Fund, Lipsky was Vice Chairman of the JPMorgan Investment Bank. In this position, he advised the firm's principal market risk takers, published independent research on the principal forces shaping global financial markets, was actively engaged with JPMorgan's key clients, and represented the firm around the world with senior public and financial sector decision makers.

Prior to that, Lipsky served as JPMorgan's Chief Economist, and as Chase Manhattan Bank's Chief Economist and Director of Research. He served as Chief Economist of Salomon Brothers, Inc. from 1992 until 1997. From 1989 to 1992, Lipsky was based in London, where he directed Salomon Brothers' European Economic and Market Analysis Group.

Before joining Salomon Brothers in 1984, he spent a decade at the IMF, where he helped manage the Fund's exchange rate surveillance procedure and analyzed developments in international capital market. He also participated in negotiations with several member countries and served as the Fund's Resident Representative in Chile during 1978-80.

In 2000, he chaired a Financial Sector Review Group, established by former Managing Director Horst Köhler, to provide the IMF with an independent perspective on the Fund's work on international financial markets.

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