BIS elects new chairman

BASEL - Guillermo Ortiz, governor of the Bank of Mexico, has been elected by the board of directors of the Bank for International Settlements (BIS), entering his three-year stint in charge on March 1, 2009.

Ortiz succeeds Swiss central banker Jean-Pierre Roth, who began his term in March 2006 and is primarily known for his efforts to enhance and widen BIS communication and dialogue.

Roth oversaw the expansion of the BIS board to include the governors of the European Central Bank (ECB) and the Chinese and Mexican national banks in 2006. He also established board committees to more effectively delegate the work of the BIS board.
Ortiz will continue his role at the Mexican central bank.