The IOR "administers the assets of Catholic institutions who aim to further a religious and charitable apostolate at an international level."
Ernst von Freyburg, a 54 year old German lawyer, was named as the new President while the remaining four members of the Supervisory Board will remain in office.
Speaking on the appointment, Jesuit Father Federico Lombardi, director of the Holy See Press Office, stated that the selection was a "painstaking and detailed process" that lasted for several months. Fr. Lombardi also stated that the Commission of Cardinals assessed an estimated 40 candidates "professional and moral excellence" with the assistance of Spencer & Stuart, a management consultancy firm based in Frankfurt."
"The Holy Father has closely followed the entire selection process leading to the choice of the new President of the Supervisory Board of the I.O.R., and he has expressed his full consent to the choice made by the Commission of Cardinals," Fr. Lombardi added.
According to the communique, von Freyberg brings with him "a vast experience of financial matters and the financial regulatory process."