Robert Zoellick, president of the World Bank since 2007, announced on Wednesday he would step down when his current term ends on June 30. 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, became bank president after the forced departure of the previous incumbent, Paul Wolfowitz. Mr Wolfowitz stepped down after 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. Mrs Clinton has denied that she is interested in the job.