WASHINGTON: CGAP today announced that Tilman Ehrbeck will be its new CEO. Ehrbeck, a Partner at McKinsey & Company, will succeed Elizabeth Littlefield, who was recently appointed President and CEO of OPIC (Overseas Private Investment Corporation). The CGAP CEO is also a Director at the World Bank Group.

Ehrbeck brings nearly 20 years' experience in banking, management, and public sector work to CGAP, whose mission is to improve poor people's access to financial services around the world. As Partner at McKinsey & Company he held leadership positions in the firm's Indian operations, McKinsey's North American Banking & Securities Practice, and its Global Healthcare Payor & Provider Practice.

Ehrbeck also brings a wealth of expertise in the area of financial inclusion. Over the past 10 years, he has advised microfinance networks, private foundations, governments, and commercial entities on strategies to improve financial access, among other speaking and writing roles.

“Tilman brings exceptional talent in a broad range of issues relevant to financial inclusion,� said Vijay Mahajan, Chair of CGAP's Board and Founder and CEO of the Indian microfinance institution BASIX. “He has both the vision and leadership skills that, coupled with the enormous talent of CGAP staff and the support of its members, will help enhance poor people's access to financial services.�

Prior to McKinsey, Ehrbeck was Staff Economist for the IMF (International Monetary Fund).

Ehrbeck holds a bachelor's degree from the University of Hamburg, and a PhD in economics from the European University Institute, the post-graduate school and research institute sponsored by the European Union.

“CGAP has distinguished itself in being always one step ahead of the curve as an innovator, thought leader, and knowledge center for microfinance,� said Janamitra Devan, Chair of the CGAP Governing Council and Vice President for Financial and Private Sector Development at the World Bank Group. “So we are fortunate to have found in Tilman someone who combines intellectual leadership, financial sector expertise, and top tier management experience.�

“It's an enormously exciting time to be joining CGAP, which has been at the cutting edge of this industry for many years,� said Ehrbeck. “Today we're seeing so many of the early ideas take root and flourish. These successes have brought us into a new phase where there are many new partners, and new opportunities. I am tremendously energized to be joining such a high-caliber organization at such a critical time.�