The International Monetary Fund said Tuesday it would install White House aide David Lipton as its No. 2 official and elevate Zhu Min of China to a newly created deputy managing director post. The appointments by new IMF managing director Christine Lagarde—who took over last week after serving as France's finance minister—maintain the longstanding arrangement in which a European fills the top post and an American takes the No. 2 role. The addition of Mr. Zhu, however, is a new move designed to balance the fund's traditional leadership with representation from emerging markets. Mr. Lipton, special assistant to the president for international economic affairs, was the Treasury Department's top international official in the Clinton administration. He will effectively serve as a link between the IMF and the U.S., the institution's top funder and most powerful member. Mr. Lipton, 57 years old, will become a senior adviser to Ms. Lagarde on July 26 before taking his new role as first deputy managing director on Sept. 1. He will succeed John Lipsky, who will remain through November as a special adviser to the IMF chief. In a statement, Ms. Lagarde said Mr. Lipton brings "extensive experience in policy-making, excellent communication and negotiating skills, and a very good knowledge of IMF policies and procedures."
