Bush to name Zoellick to lead World Bank

Robert Zoellick, a Goldman Sachs executive who is as President Bush's trade chief and as the country's No. 2 diplomat, is the White House's choice to be the next World Bank president.

Bush to name Zoellick to lead World Bank
Robert Zoellick, a Goldman Sachs executive who is as President Bush's trade chief and as the country's No. 2 diplomat, is the White House's choice to be the next World Bank president.

Bush was to announce the decision Wednesday, according to a senior administration official who spoke on condition of anonymity in advance of Bush's announcement.

Zoellick, 53, would succeed Paul Wolfowitz, who is stepping down June 30 after findings by a special bank panel that he broke bank rules when he arranged a hefty compensation package in 2005 for his girlfriend, Shaha Riza, a bank employee.

The controversy led to calls for Wolfowitz to resign from the poverty-fighting institution.

Bush's selection of Zoellick must be approved by the World Bank's 24-member board.

The bank's board in a statement late Tuesday made no mention of Zoellick by name and noted that any executive director could nominate a candidate. The board said it was essential that the next president, among other things, have "political objectivity and independence."

Zoellick announced last June that he was leaving his post as deputy secretary of state to join the Wall Street firm of Goldman Sachs and work to develop investment markets around the world.

If ultimately approved as World Bank chief, Zoellick will need to regain trust, rebuild credibility and mend frayed relations inside the institution as well as with its member countries around the world.

Last Mod: 30 Mayıs 2007, 10:25
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