President of World Bank announces he will quit

Published on Thursday 16 February 2012 02:16

World Bank president Robert Zoellick has said he will step down in June, raising questions as to whether the United States will for the first time throw open the job to other nationalities.

“I’m honoured to have led such a world-class institution with so many talented and exceptional people,” Mr Zoellick said yesterday in a statement announcing his plans. Earlier, he had met the World Bank’s board to inform them of his decision.

Speculation has been rife in recent months over who might take the job when Mr Zoellick departs. Possible US candidates include secretary of state Hillary Clinton and former White House adviser Larry Summers.

While the Obama administration has said it supports an open and transparent selection process to fill lead positions in global institutions, it is unlikely to forfeit the top job at the World Bank in an election year.

But officials from large emerging economies such as Brazil yesterday said on the selection process for Mr Zoellick’s successor should be based on qualifications and not nationality.

Under Mr Zoellick, World Bank lending increased sharply to $44 billion (£28bn) in fiscal year 2010 from $13.5bn in 2008, reflecting increased needs by fast-rising developing countries in Asia, Africa, Latin America and the Middle East.

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Chappit Tatties

Thursday, February 16, 2012 at 07:51 AM

Sounds like a job for Fred Goodwin......

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