Bank President Ajay Banga announced in a memo seen by Investing.com on Thursday.

Gill is retiring, and the process of appointing his successor will begin shortly, according to a memo from Bank President Ajay Banga.

Gill, who holds a PhD from the University of Chicago, will assume the position of Chief Economist and Senior Vice President for Development Economics in 2022. Previously, he served as the World Bank's Vice President for Equitable Growth, Finance, and Institutions.

According to Banga, Gill played a key role in enhancing transparency through data. His efforts focused on improving debt transparency, sustainability, and restructuring for low- and middle-income countries.

“Under his leadership, research on small states, low-income countries, industrial policy, climate resilience, and public finance has been strengthened, and this work has been integrated into global policy debates through strengthened partnerships with think tanks and research organizations in Rome and Tokyo,” he said in a statement to staff.