NEW YORK (CNNMoney) — Christine Lagarde, the finance minister of France, was voted to the post of managing director of the International Monetary Fund on Tuesday.

Lagarde, the first woman to run the global financial institution, will replace Dominique Strauss-Kahn, who was arrested last month in New York on sexual assault charges.

In a brief statement, the IMF said Lagarde will serve a five-year term as the managing director and chairman of the international financial institution beginning next month.

“The Executive Board looks forward to Ms. Lagarde effectively leading the International Monetary Fund as its next Managing Director,” the statement read.

The only other contender was Mexican Central Bank chief Agustin Carstens, who was supported by Australia, Canada and Mexico.

The executive board said it selected Lagarde by a consensus vote.

The vote on the influential post came at a crucial time for the IMF, which has been working closely with the European Union and the European Central Bank to providefinancial support for Greece and other troubled European economies.

U.S. Treasury Secretary Tim Geithner announced his support for Lagarde earlier Tuesday.

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