France's Christine Lagarde was named Tuesday as the first-ever female chief of the IMF. The French finance minister, respected for her leadership during the financial crises that have rocked Europe over the past three years, was chosen to replace countryman Dominique Strauss-Kahn, who resigned abruptly on May 18 after being arrested in New York for an alleged sexual assault.
Lagarde said she was honoured and delighted that the board has entrusted her with the position of MD of the IMF.
French President Nicolas Sarkozy s office declared it a "victory for France."
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