World Bank approves Zoellick
Wednesday, 27 June 2007
Krishna Guha, FT Syndication Service
WASHINGTON: The World Bank board has unanimously approved the nomination of Robert Zoellick to succeed Paul Wolfowitz as president of the bank.
The 24-member board praised Monday Mr Zoellick's "strong leadership and managerial qualities" as well as his "proven track record in international affairs".
Mr Wolfowitz has agreed to step down on June 30 after a corporate governance scandal that rocked the bank and led some governments to demand his resignation.
The board, which is made up of representatives of the bank's shareholder governments, said Mr Zoellick had "the drive required to enhance the credibility and effectiveness of the bank".
It highlighted as key challenges for Mr Zoellick the need to complete a fundraising round for the bank's concessional lending arm, develop a long-term strategy for the bank and address its corporate governance.
Mr Zoellick immediately reached out to the bank's staff - who mutinied against Mr Wolfowitz - saying he was "eager to meet the people who drive the agenda of overcoming poverty".
He lavished praise on the staff, citing their "proud record, continuing search for learning and improvement, and commitment to results".
Mr Zoellick said he would consult staff in order to benefit from their "perspectives and experience" - a hint that he would listen more closely to career staffers than did his predecessor.
The new bank chief even expressed his desire to "meet and get the advice of the leadership of the staff association", which led the rebellion against Mr Wolfowitz.
He said the bank faces "large challenges" that it would have to approach with "humility" as the world had "changed enormously" since the foundation of the bank, which "needs to adapt".
He framed its mission as "achieving sustainable globalisation, founded upon inclusive growth, opportunity and respect for personal dignity".
Mr Zoellick's confirmation preserves, at least for now, the tradition that the US president selects a US citizen to run the bank.
That briefly looked in peril during the crisis over Mr Wolfowitz, who alienated the bank's staff and board before finally being brought down by a scandal relating to his role in directing a generous secondment package for his girlfriend, Shaha Riza.
WASHINGTON: The World Bank board has unanimously approved the nomination of Robert Zoellick to succeed Paul Wolfowitz as president of the bank.
The 24-member board praised Monday Mr Zoellick's "strong leadership and managerial qualities" as well as his "proven track record in international affairs".
Mr Wolfowitz has agreed to step down on June 30 after a corporate governance scandal that rocked the bank and led some governments to demand his resignation.
The board, which is made up of representatives of the bank's shareholder governments, said Mr Zoellick had "the drive required to enhance the credibility and effectiveness of the bank".
It highlighted as key challenges for Mr Zoellick the need to complete a fundraising round for the bank's concessional lending arm, develop a long-term strategy for the bank and address its corporate governance.
Mr Zoellick immediately reached out to the bank's staff - who mutinied against Mr Wolfowitz - saying he was "eager to meet the people who drive the agenda of overcoming poverty".
He lavished praise on the staff, citing their "proud record, continuing search for learning and improvement, and commitment to results".
Mr Zoellick said he would consult staff in order to benefit from their "perspectives and experience" - a hint that he would listen more closely to career staffers than did his predecessor.
The new bank chief even expressed his desire to "meet and get the advice of the leadership of the staff association", which led the rebellion against Mr Wolfowitz.
He said the bank faces "large challenges" that it would have to approach with "humility" as the world had "changed enormously" since the foundation of the bank, which "needs to adapt".
He framed its mission as "achieving sustainable globalisation, founded upon inclusive growth, opportunity and respect for personal dignity".
Mr Zoellick's confirmation preserves, at least for now, the tradition that the US president selects a US citizen to run the bank.
That briefly looked in peril during the crisis over Mr Wolfowitz, who alienated the bank's staff and board before finally being brought down by a scandal relating to his role in directing a generous secondment package for his girlfriend, Shaha Riza.