Zoellick Okayed As President Of World Bank
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — Robert Zoellick, a seasoned player in international financial and diplomatic circles, won the unanimous approval of the World Bank’s board yesterday to become the institution’s next president.
Mr. 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,” Mr. Zoellick declared, shortly after the board’s action.
Mr. Wolfowitz courted controversy from the start because of his role in the Iraq war when he was deputy defense secretary. However, it was his role in arranging a hefty pay raise for Shaha Riza, his girlfriend and bank employee, that forced his upcoming departure. That prompted a staff revolt and calls by Europeans and others for Mr. Wolfowitz to resign.
President Bush turned to Mr. Zoellick — his former top trade envoy and no. 2 diplomat — to the heal wounds and mend the relationships strained by the Wolfowitz episode. Welcoming the board’s action yesterday, Mr. Bush called Mr. Zoellick “a dynamic leader who is deeply committed to the mission of the World Bank.”
Mr. Zoellick, 53, brings to the World Bank years of experience in the foreign and economic policy arenas under three Republican presidents, starting with President Reagan.
