Zoellick will succeed Paul Wolfowitz, whose last day is Saturday, ending a stormy two-year tenure. The new president will take the reins Sunday, the first day of his five-year term. "I am ready to get to work," Zoellick declared, shortly after the board's action.
Wolfowitz was a controversial choice from the start because of his role in the Iraq war when he was deputy defence secretary. However, it was his role in arranging a hefty pay raise for bank employee Shaha Riza, his girlfriend, that forced his upcoming departure. That prompted a staff revolt and calls by Europeans and others for Wolfowitz to resign.
Bush turned to Zoellick — his former top trade envoy and No. 2 diplomat — to heal the wounds caused by the Wolfowitz affair. Zoellick, 53, brings to the World Bank years of experience in the foreign and economic policy arenas under three Republican presidents, starting with Ronald Reagan.
Zoellick left the Bush administration last year to become an executive at the Wall Street giant Goldman Sachs. The board, in a brief statement, said Zoellick brings "strong leadership and managerial qualities as well as a proven track record in international affairs and the drive required to enhance the credibility and effectiveness of the bank." As World Bank chief, he'll have his work cut out for him.
He'll need to regain trust, rebuild credibility and mend frayed relations inside the institution as well as with its member countries worldwide. He'll also need to persuade countries to contribute nearly $30 billion US over the next few years to fund a centrepiece bank program that provides interest-free loans to the world's poorest countries. The board said it was confident that Zoellick will be able to "address the challenges facing the bank.
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