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President of the World Bank to Step Down in Summer 2012

President Zoellick and Secretary Soliman with families in a World Bank program at Sitio Sapatasahai, Brgy. Kalayaan, Pasay City. Image: ©World Bank

The President of the World Bank, Robert B. Zoellick, will step down from his position on 30th June 2012. The announcement marks the culmination of his five year term as head of the supranational financial institution, in charge of dispersing more than $247 billion.

Mr Zoellick said of his term as President: “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.” Before joining the bank, Mr Zoellick was Vice Chairman of Goldman Sachs Group, worked in the US State Department and for Fannie Mae.

The head of the IMF, Christine Lagarde, issued a statement in response to the news:

“Bob Zoellick has served the international community—including the membership of the World Bank Group and IMF—with great distinction. Bob will be leaving the Bank with a record of achievement of which he can be very proud. It has been a pleasure working with him both in my capacity as Managing Director and as a finance minister. I wish him the very best in his future endeavors, and look forward to maintaining a close working relationship with the Bank once a successor is chosen.”

There has been no statement yet on the possible candidates for Mr Zoellick’s successor.

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Editors and staff from the News Desk at The Global Herald.

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