The Bank for International Settlements’ board elected its new chairman Monday, Guillermo Ortiz, governor of the Bank of Mexico.

Ortiz will succeed Jean-Pierre Roth, who has served as chairman of the board since March 2006. The BIS noted that Roth’s main achievements include the enhancement of the global dialogue within the BIS and the integration of the governors from the central banks of China and Mexico and of the president of the European Central Bank into the board in 2006. He also established a new structure for board committees to improve governance and the board’s effectiveness.

The new chairman will helm the board for three years, beginning March 1.

IE