WASHINGTON, D.C., Nov. 18—On November 12, 1996, Executive Vice President Jannik Lindbaek announced the promotion of Mr. Assaad Jabre as Vice President, Portfolio Management and Advisory Operations. The announcement follows the appointment on 5 November of Mr. Jemal-ud-din Kassum to the position of Vice President, Investment Operations.
The moves effectively mean a consolidation of IFC’s senior management structure following the recent decision by two of the Operational Vice Presidents, Wilfried Kaffenberger and Daniel Adams, to leave the Corporation to pursue other interests. With these appointments Mr. Lindbaek is emphasizing a more unified structure in the operations area and a sharpened focus on portfolio matters. Responsibility for IFC's operations work will now be divided between two Vice Presidents: the Vice President, Investment Operations will be responsible for all proposed new IFC investments, while the Vice President, Portfolio Management and Advisory Operations will be responsible for the management of the Corporation's investment portfolio and free-standing advisory work.
In placing responsibility for new investments under one Vice President, the reorganization will facilitate the Corporation's increasing reliance on country and regional strategies to drive new investment decisions and enhance coordination with the World Bank in its country assistance strategy work. Mr. Assaad Jabre, a Lebanese national, has been Director, Infrastructure Department since January 1996. He joined the Bank Group through the Young Professionals Program in 1980, entering the Corporation as an Investment Officer in the Department of Investments for Europe and the Middle East, where he served until 1989. He was then appointed Special Assistant to the Executive Vice President. In July 1992 he was promoted to the position of Manager, Telecommunications in the Infrastructure Department.
Mr. Jemal-ud-din Kassum, a Tanzanian national, has been a Vice President for Operations, since 1992. He joined the World Bank Group as a Young Professional in 1974. He transferred to the Corporation's Department of Investments, Africa/Middle East in 1975 and was promoted to Senior Investment Officer in 1980. He was appointed Special Assistant to the Executive Vice President from 1981 through 1983, and at the end of that assignment he was promoted to Division Manager, Department of Investments, Asia. In 1987, Mr. Kassum was assigned as Chief, IFC Regional Mission in India. The following year, he was promoted to Director, Department of Investments, Asia II.
Mr. Lindbaek credited outgoing Vice Presidents Adams and Kaffenberger for their innovative leadership and outstanding contribution to the work of the Corporation. Mr. Adams, who is leaving to devote time to private business and personal interests, entered the service of the World Bank Group in 1971, joining the staff of IFC the following year. He was particularly active in developing the Corporation’s investment activities in Latin America and in Capital Markets activities world-wide. Mr. Kaffenberger also joined the World Bank Group in 1971 and served in a number of positions with IFC until his nomination as Vice President, Portfolio and Advisory Operations in 1988. He was named Vice President, Operations in 1992 and helped improve the Corporation’s approach to portfolio management. He also oversaw IFC’s innovative privatization efforts in the countries of the former Soviet Union. Mr. Lindbaek expressed warm appreciation to Mr. Adams and Mr. Kaffenberger for their many years of distinguished service in pr
omoting development and the advancement of private sector development.
These appointments and related changes will take effect on January 1, 1997.
