ON September 9, Asian Development Bank (ADB) President Masatsugu Asakawa confirmed the news that had been known informally within the bank for weeks and formally announced he would be resigning his post effective Feb. 23, 2025, about a year ahead of the expiration of his five-year term in office. The departure of Asakawa, or 'Masa,' as he likes to be called, brings to a close a remarkable tenure that saw the veteran of the Japanese finance ministry guide ADB through some of the most profound changes in its more than 50-year history.

Asakawa was unanimously elected as ADB's 10th president in December 2019 and assumed his post on Jan. 17, 2020, to replace Takehiko Nakao, who was retiring with a year left in his term. Like his predecessor, Asakawa was a longtime official in Japan's Ministry of Finance, serving in various capacities, including as special adviser to the late Prime Minister Shinzo Abe and as vice minister for international affairs. Asakawa was initially elected only to serve out the remaining year of Nakao's term, though he would be unanimously reelected for a fresh five-year term beginning in November 2021.