Köhler was appointed Managing Director and Chairman of the Executive Board of the International Monetary Fund (IMF) in 2000. The government of Gerhard Schröder nominated him after their first nominee, Caio Koch-Weser, was rejected by the United States. Though respected, Köhler was not a particularly well known or prestigious figure in international financial circles. At the time, he was one of three candidates for the IMF position, with Japan having put forward its former deputy finance minister Eisuke Sakakibara and several African nations backing Stanley Fischer.