ADB president Masatsugu Asakawa announces resignation

Masatsugu Asakawa, President of the Asian Development Bank (ADB), has declared his resignation effective February 23, 2025. Following this announcement, Japan is reportedly endorsing Masato Kanda, a former top financial diplomat, as his successor. Finance Minister Shunichi Suzuki expressed Japan’s intention to nominate a suitable candidate promptly, though specifics on Kanda’s nomination were not disclosed by the finance ministry. Asakawa, who took office in January 2020, led the Manila-based lender through significant initiatives to support Asian economies during the COVID-19 pandemic. The ADB stated that the election for the new president would be conducted through an open, transparent, and merit-based process, as outlined in its charter.