IMF board names Lipton to step in for Lagarde as acting managing director

The International Monetary Fund's executive board on Tuesday said IMF First Deputy Managing Director David Lipton will take over as acting managing director following Christine Lagarde's nomination to become president of the European Central Bank.

Lagarde earlier on Tuesday announced that she would temporarily relinquish her responsibilities as IMF managing director during the nomination process. The board's statement did not mention any details regarding the search for a new IMF managing director.