Vice President David Lipton will take the role of acting director at the International Monetary Fund (IMF), now that Christine Lagarde, director has been nominated to become the new president of the European Central Bank (ECB).

Lagarde announced on Tuesday that she will be transferring her duties to the IMF pending her appointment. No mention is made of the search for a new director in the statement from the IMF management.

Lagarde has been at the head of the IMF since 2011 and was re-elected in 2016 for a second five-year term. She was previously Minister of Finance in France, among others. Lipton has been vice-director since 2011 and was also re-elected in 2016 for a second term.