The new head of the International Monetary Fund, Christine Lagarde, is the first woman tapped to lead the lending organization since its founding nearly 70 years ago.

The 55-year-old Lagarde has been France's finance minister since June 2007, earning widespread respect for her leadership during the financial crisis.

Lagarde helped lead negotiations last year that combined European Union and IMF funds to bail out heavily-indebted countries such as Greece, Ireland and Portugal.

The former lawyer fostered some of her career success in the United States, where in 1999, she became the head of an international law firm based in the city of Chicago, Illinois.

She remained in that post until 2005, when she was named to her first French ministerial position.

Despite objections from some developing countries, Lagarde emerged early on as the frontrunner to become the new IMF chief. Her selection was a foregone conclusion after she won the backing of the IMF's heavyweights — the United States, Russia, China and the Europeans. Hours before the vote, U.S. Treasury Secretary Timothy Geithner praised what he called her “exceptional talent and broad experience.”

Lagarde is replacing fellow French national Dominique Strauss-Kahn, who resigned the IMF post in May after being arrested in New York on charges he sexually assaulted a hotel maid, an allegation he denies.