World Bank chief to go

ROBERT ZOELLICK, president of the World Bank since 2007, announced yesterday that he would step down when his current term ends on June 30th.

His departure will start a battle for a prized position that has traditionally been in the gift of the US but for which an emerging market candidate may make a bid.

Mr Zoellick, a Republican who was in effect appointed by the administration of George W Bush, where he had previously served as US trade representative, took over after the forced departure of Paul Wolfowitz following an uproar over his role in directing the bank’s human resources chief to agree a pay and promotion secondment package for his partner, a bank official.

Press speculation has focused on Hillary Clinton, secretary of state, and Larry Summers, former White House chief economic adviser and World Bank chief economist, as potential successors after the US administration made it clear to Mr Zoellick they would not support his reappointment.

Mrs Clinton has denied that she is interested in the job. (Copyright The Financial Times Limited 2012)