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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.

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