Kalpana Kochhar, an Indian economist who heads the IMF's Human Resources Department, is leaving the organisation after more than three decades to join the Bill and Melinda Gates Foundation.
Kochhar, who has held various senior positions at the International Monetary Fund for the past three decades, will retire on July 30 and will join the Bill and Melinda Gates Foundation as Director of Development Policy and Finance, the IMF announced on Wednesday.
"In her 33 years at the Fund, Kalpana provided a shining example of strong leadership and dedication to the Fund's mission. She brought a keen intellect and remarkable passion to her work and always focused her efforts on helping those we serve. Her work helped to shape the Fund and, while we wish her the very best in her new role, she will be sorely missed," IMF Managing Director Kristalina Georgieva said.
As Director of Human Resources, Kochhar was responsible for the IMF's human resource policies, as well as the recruitment and retention of over 4,000 IMF employees from nearly 150 countries based in Washington, DC and overseas offices.
In the last five years, she has successfully led the IMF's compensation and benefits programme review and modernization, as well as the successful implementation of a large and complex human capital management IT system, which has helped to simplify, streamline, and modernise HR at the Fund.
Kochhar began her career as an economist at the IMF in 1988. Over the years, she expanded her knowledge of Asian regional issues by working as a desk economist in Sri Lanka and the Philippines, as well as leading work on Korea and Malaysia during the Asian financial crisis of the late 1990s.
She was an Assistant Professor at George Washington University in Washington, DC before joining the IMF.
From start to finish, Kalpana provided sound advice to the management team and the Executive Board and demonstrated excellent judgement in all HR-related matters, according to Georgieva.
Kalpana has pioneered change in the institution throughout her career, particularly on gender and emerging market issues, while always displaying a positive and caring management style, she added.
As Deputy Director of the Asia and Pacific Department (APD), she was in charge of developing and implementing the IMF's Asia strategy, which included directing analytical work and policy advice to a number of Asian countries in order to promote economic growth, financial stability, and gender equality.
She led research and policy formulation on gender equity, income inequality, jobs and growth, and structural reforms as Deputy Director in the Strategy, Policy, and Review Department (SPR).
She also oversaw a comprehensive review of the IMF's surveillance policy and practises in SPR, with the goal of increasing engagement with member countries.
Kochhar previously served as Assistant Director and Senior Personnel Manager in the Research Department. Kochhar was seconded to the World Bank for a two-year stint as Chief Economist for the South Asia Region, lending her vast knowledge and experience on Asia to the Bank's work in the region in between her Fund positions.
There, she pioneered work on South Asian trade and financial integration, and she established a high-level advisory group of regional economists and foreign policy experts to assist the Bank in these areas, according to a press release.
Kochhar is also a published author, and her work on Asia, gender, and a variety of development issues has appeared in numerous IMF working papers, Staff Discussion Notes, books, blogs, and publications, including the widely distributed Finance and Development magazine, according to an IMF press release.
