Cecilia Skingsley, the head of the Bank for International Settlements (BIS) Innovation Hub, is stepping down two years before the end of her five-year term to return to Sweden for a government appointment, the BIS announced.
Skingsley, a former deputy governor of Sweden’s Riksbank, will become County Governor of Stockholm County next month. She began her role at the BIS in September 2022, leading its work on central bank digital currencies (CBDCs) and other fintech innovations.
Departure Comes Amid BIS Strategic Shift
Her departure coincides with broader structural changes at the BIS, ahead of incoming General Manager Pablo Hernández de Cos, who takes over in July. Reports earlier this year indicated plans to scale back the Innovation Hub, which had grown rapidly since its 2019 launch, expanding to seven global financial centers including London, Singapore, and Hong Kong.
“Under Skingsley, the Innovation Hub made great strides toward fulfilling our strategic goal of helping central banks face the challenges of the future,” said Agustín Carstens, the BIS’s current chief.
CBDC Landscape in Flux
Skingsley’s exit also follows increasing geopolitical tension around CBDCs. Notably, the BIS abruptly withdrew last year from a high-profile CBDC pilot project with China and other Asian central banks, raising questions about internal policy shifts and global alignment.
CBDCs remain a strategic frontier for central banks, with dozens of jurisdictions exploring digital versions of national currencies amid competition from private stablecoins and global digital finance trends.
Interim Leadership and Succession Plans
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The BIS said Deputy General Manager Andréa Maechler, formerly of the Swiss National Bank, will serve as interim head of the Innovation Hub.
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A formal recruitment process for Skingsley’s successor will be announced “in due course.”
Skingsley’s early exit may influence how central banks recalibrate their digital currency strategies in the face of evolving regulatory, technological, and geopolitical pressures.