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FSMDB Board of Directors Votes Mori Out as FSMDB President

PALIKIR, Pohnpei (FSM Information Service): February 5, 1997 -The Board of Directors of the FSM Development Bank has voted unanimously to remove Emanuel (Manny) Mori from his position as President of the FSM Development Bank, according to a January 28 release from the FSM Development Bank Board Chairman William Iriarte.

The Board's action was taken at its first quarterly meeting of 1997 which was held in Chuuk on January 13 and 14.

The Board of Directors of the FSM Development Bank acknowledges and thanks Mr. Mori for the numerous contributions he's made to the Bank during his 16-year tenure as President. It also acknowledges that the deteriorating economies of the four States of the FSM demand urgent and dramatic changes from its main source of development funding, and feels that these changes can best be carried out by someone less intimately tied to the history and development of the Bank.

The search for Mr. Mori's replacement is underway; the Board hopes to hire a new President of the Bank sometime within the next 60 days. In the meantime, Mr. Mori has agreed to stay on and assist during the transition.

The Board of Directors of the FSM Development Bank is made up of two representatives from the FSM National Government, and one representative each from each of the four states. Current Members of the Board are: Hilary Tacheliol (Yap), Marion Henry (Chuuk), William Iriarte (Pohnpei), Gerson Jackson (Kosrae), Herolyn Movick and Patrick Mackenzie (FSM Government).