MANILA — Asian Development Bank (ADB) President Masatsugu Asakawa informed the ADB's board members, management, and staff on Monday about his intention to resign as president on Feb 23, 2025.

Asakawa has served as ADB's 10th president since Jan 17, 2020.

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"After careful consideration and reflection, I believe it is time to step aside and make way for new leadership with a fresh perspective and renewed energy," he said in a statement.

"By announcing my resignation now, I aim to ensure a smooth and orderly transition leadership," he added.

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Asakawa, who succeeded Takehiko Nakao in 2020, finished the unexpired term of Nakao, which was supposed to end on Nov 23, 2021.