World Bank chief resigning; Obama to seek new nominee

The Obama administration plans to nominate within weeks a candidate to replace World Bank president Robert Zoellick, who announced Wednesday that he would leave the institution when his five-year term ends June 30.

"It is very important that we continue to have a strong, effective leadership in this important institution," Treasury Secretary Timothy Geithner said in a statement. "In the coming weeks, we plan to put forward a candidate with the experience and requisite qualities to take this institution forward."

The departure of Zoellick, 58, who was chosen by President George W. Bush in 2007, opened the competition for a job that before, had always been held by a U.S. national under an informal agreement that also calls for a European to head the International Monetary Fund.

Zoellick, a former U.S. trade representative, took over an institution bruised by the scandal that engulfed his predecessor, Paul Wolfowitz, who resigned over his involvement in giving his companion an unusually large pay raise and promotion.

A veteran of three Republican administrations, Zoellick alerted the world to a forthcoming food crisis, secured $49 billion in 2010 to replenish the unit that funds projects for the poorest countries, and made more information on the lender's projects public.

White House press secretary Jay Carney said Wednesday that President Obama appreciated Zoellick's service and that he had no information about potential successors at this time.