WB chief Wolfowitz resigns, Bush to name successor
World Bank President Paul Wolfowitz says he is resigning for the "best interests" of the bank.world Updated: May 18, 2007 10:57 IST
World Bank President Paul Wolfowitz said he was resigning for the "best interests" of the bank, effective June 30.
"I am announcing today that I will resign as president of the World Bank Group effective at the end of the fiscal year (June 30, 2007)," Wolfowitz said in a statement on Thursday.
The bank's 24 executive directors said they had accepted the assurance of Wolfowitz, who was accused of arranging a special pay package for his personal companion -- a bank employee -- that he had "acted ethically and in good faith in what he believed were the best interests of the institution.