The Executive Directors of the Bank unanimously selected Robert B. Zoellick to succeed Paul Wolfowitz, effective July 1, 2007, as the 11th President of the Bank for a five-year term. The Board affirmed the important role of the Bank in addressing poverty and economic growth. In coming to their decision, the Executive Directors considered that Mr. Zoellick brings to the Bank Presidency 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. Board members expressed confidence 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. Read more ...