Asian Development Bank (ADB) Manila chief Takehiko Nakao announced his resignation to “give way to someone with fresh ideas,” according to the Manila-based multilateral lender on Tuesday.

Nakao said that he will step down from his post on 16 January 2020, saying that he will resign with a deep sense of satisfaction and gratitude.

“I am announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, Board members, and member governments, we have achieved many things,” Nakao said to the bank’s staff and board members.

“I assumed office as President on April 28, 2013 succeeding the term of Mr. Haruhiko Kuroda. Although my term remains as I was reelected on November 24, 2016 for the five-year term, I feel this is a good time to ask someone with fresh ideas and strong commitment to development to succeed me,” he added.

Meantime, the election for Nakao’s successor will be “in accordance with the open, transparent and merit-based procedure.”

The ADB, on the other hand, said that it will continue to develop and reinvent itself for responding to changing needs of developing member countries and pursuing its mission to help achieve “a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”

Nakao emphasized that ADB must continue to be an important center for fostering cooperation and friendship among countries.

“I am committed that I will do my best in performing my responsibility until my last day at ADB,” said Nakao.