Zoellick to succeed Wolfowitz as WB President

Washington, June 26: The Executive Directors of the World Bank unanimously selected Robert B Zoellick to succeed Paul Wolfowitz, effective July 1, 2007, as the 11th President of the Bank for a five-year term.

Paul Wolfowitz's two-year stormy term at the Bank ends coming Saturday, and the new president will take the reins on Sunday, the first day of his five-year term.

The President of the Bank is ex-officio President of the International Development Association (IDA) and Chairman of the Board of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre of Investment Disputes (ICSID).

The Executive Directors of the International Bank for Reconstruction and Development (the 'Bank') met today to select a new President of the Bank.

In doing so, the Executive Directors expressed appreciation to Mr Paul Wolfowitz as departing President of the World Bank Group.

However, Wolfowitz played a controversial role right from the beginning because of his role in the Iraq war, when he was deputy defence secretary. It was his role in arranging a hefty pay raise for Shaha Riza, his girlfriend and bank employee, prompted a staff revolt and hastened his departure.

Coming to their decision, the Executive Directors considered that Zoellick brings to the Bank Presidency strong leadership and managerial qualities as well as a proven track record in international affairs and the drive required to enhance the credibility and effectiveness of the Bank.

The Executive Directors are confident that he will address the challenges facing the Bank, including a successful 15th replenishment of IDA, development of a long-term strategy for the Bank Group and issues related to corporate governance.

The Executive Directors expect to work closely and collaboratively with the President toward the achievement of the poverty reduction mandate of the Bank Group.

Zoellick, 53, is currently Vice-Chairman (International) of Goldman Sachs Group and Managing Director and Chairman of Goldman Sach's Board of International Advisors. He has served in a number of senior positions in successive US administrations, including as Deputy Secretary, US Department of State and as a US Trade Representative (2001-05).

He also served as Deputy Assistant Secretary for Financial Institutions Policy, US Department of Treasury, and Under-secretary for Economic and Agricultural Affairs and Counselor in the US State Department. He was Executive Vice President of Fannie Mae (1983-1985), the large US mortgage finance corporation, as well as Vice President and Assistant to the Chairman and Chief Executive Officer.

In addition, he served as Olin Visiting Professor, in the US Naval Academy as Senior Advisor, in Goldman Sachs as Research Scholar, Belfer Center, Harvard University and previously on three corporate boards, as well as numerous research and non-profit boards.

Zoellick has a J D, magna cum laude, Harvard Law School, and a M P P (in public management and international issues) from the Kennedy School of Government.

In addition, Mr Zoellick has received numerous distinguished service awards.

UNI