The Bank for International Settlements published a statement from General Manager Pablo Hernández de Cos following François Villeroy de Galhau’s announcement that he will leave the Bank of France at the beginning of June to become President of the Fondation Apprentis d'Auteuil, and will accordingly step down as Chair of the BIS Board of Directors. Villeroy de Galhau became Governor of the Bank of France and a member of the BIS Board in November 2015, was appointed Chair of the BIS Board in January 2022, and previously served as Chair of the Group of Central Bank Governors and Heads of Supervision from November 2019. The BIS Board will shortly begin the process of appointing a new Chair.