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World Bank's board approves Zoellick as next president

Robert B. Zoellick, US President Bush's nominee for president of the World Bank, won the unanimous approval of the World Bank's board on Monday to succeed Paul Wolfowitz, who was forced to resign under a favoritism scandal. 

The board said in a brief statement that 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.” The board “are confident that he will address the challenges facing the Bank, including a successful 15th replenishment of IDA, development of a long-term strategy for the Bank Group and issues related to corporate governance,” said the statement.
Zoellick, met with the bank's 24-member board last Wednesday and outlined his views of the bank's opportunities and difficulties and told members that he would strive to stabilize the bank. Zoellick's predecessor, Paul D. Wolfowitz, resigned in May amid accusations of favoritism to his companion, a bank employee. His resignation will become effective on June 30. (