World Bank Leader Leaving in June

The organization's American leader will step down after his five year term.

Robert Zoellick has announced he will step down as President of the World Bank at the end of his term in June. Zoellick has led the organization since 2007 after taking over from Paul Wolfowitz shortly before the global financial system went to pieces. Though he did not reference who would take over, the United States has named the institution’s leader for the last 67 years. Eyes are now on Obama’s Secretary of State, Hillary Clinton, and Larry Summers, former Treasury secretary and current Harvard professor. Zoellick’s five-year term, which oversaw the provision of over $247 billion to developing countries, ends June 30th.