World Bank President Stepping Down
Robert Zoellick will be stepping down as the President of the World Bank on June 30th, the international banking institution announced Wednesday.
“The Bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership,” Zoellick said in a statement.
Zoellick joined the World Bank in 2007. Paul Wolfowitz, the Deputy U.S. Secretary of Defense during the Bush administration, preceded him.
The World Bank touted Zoellick’s accomplishments, emphasizing more than $247 billion allocated for developing nations and increasing the organization’s transparency.
The World Bank’s President has historically been nominated by the Presidient of the United States. Zoellick’s successor has not yet been named. Bloomberg News reports that Obama’s shortlist likely includes former National Economic Council Director Lawrence Summers and Secretary of State Hillary Clinton. Last year, when rumors of a Clinton appointment broke, a spokesperson for the Secretary denied Clinton held any interest.
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