IMF picks Lagarde as first ever female director

She will serve as director and madame chairman of the IMF's executive board for five years from 5 July. Lagarde, who beat rival Agustin Carstens to the top job, is the first woman to be selected for the post in the IMF's 66-year history and its fifth French director. The post became available when former director Dominique Strauss-Kahn resigned following his arrest over an alleged sexual assault in May. Lagarde had been French minister of finance since June 2007. Previously, she was an anti-trust and labour lawyer and chair of international law firm Baker & McKenzie.