FSM Development Bank board, meeting in Chuuk, removes Manny Mori as bank president after 16 years.

What happened

The board voted unanimously and said the worsening economies of the four states required urgent, dramatic changes, best made by someone less tied to the bank’s past. Mori agreed to stay on during the transition.

Why it matters

Mori later entered Congress and served as the seventh FSM president from 2007 to 2015.