World Bank President Robert Zoellick intends to step down at the end of his term in late June, not seeking re-election, and his announcement is already questioning whether the U.S. will insist to get the position which is traditionally American. “It’s time for me to move on, in a new direction”, Zoellick, 58-years-old, said in a statement.
In the last few months rumors have circulated speculating on Zoellick’s successor, among the possible candidates being mentioned Secretary of State Hillary Clinton, former White House adviser, Larry Summers and Treasuty Secretary Timothy Geithner.
Zoellick, of Republican orientation, could be a potential candidate for a highly important position in U.S. Administration in the event that the Republican candidate will win the presidential elections. World Bank presidency was held by United States since the creation of the institution in 1945 under an agreement whereby the position of IMF Managing Director is held by an European.
Zoellick, a former U.S. Trade official and Deputy Secretary of State, took over the presidency of World Bank in 2007, from Paul Wolfowitz, who resigned following a scandal triggered by an affair with an employee of the financial institution. This would be the second the second fight for a top financial position in less than a year after Dominic Strauss-Kahn resigned in May 2011 and was replaced by Christine Lagarde as Managing Director of IMF.
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