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 Bank President Paul Wolfowitz said he was resigning for the "best interests" of the bank, effective June 30.

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"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.