David Lipton, first deputy managing director of the IMF, has served as acting managing director of the multilateral lender following Lagarde's ECB nomination. The Executive Board said it has the "utmost confidence" in Lipton, who remains acting managing director in the interim period.

"I know that the Fund is in the best possible hands under his stewardship until a successor has been elected," Lagarde wrote in her resignation letter. "I will offer the Acting Managing Director any help that he so requests for appropriate transition purposes."

Lagarde, a 63-year-old French national, would be the first woman to lead the ECB. She is set to replace Mario Draghi, whose eight-year term ends on Oct. 31.

"I look forward to the prospect of returning to Europe, where I will dedicate myself to my new mission at the European Central Bank, which, not unlike the IMF, highly values intellectual excellence, integrity of research and analysis, independence, and a high commitment to public service," Lagarde said.

On July 5, 2011, Lagarde became the 11th managing director of the IMF, and the first woman to hold this position. She was elected to a second five-year term as the IMF managing director, which started on July 5, 2016. Prior to joining the IMF, Lagarde served as France's finance minister from 2007 to 2011.

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