Contacts:
Damian Milverton
(202) 473-6735
Dmilverton@worldbank.org WASHINGTON, November 29, 2005—World Bank President Paul Wolfowitz announced Tuesday the creation of an executive search committee to find candidates to join the Bank’s senior management team, taking on many of the responsibilities held by departing Managing Director Shengman Zhang. “To identify candidates who can provide senior level management of operations and strategy for the World Bank, I am establishing a search committee to be chaired by Graeme Wheeler, Vice President and Treasurer,” Wolfowitz said. “I am asking the committee to look for candidates who share our commitment to the Bank Group’s mission of poverty reduction; who have extensive experience in developing countries and preferably come from developing countries; and who are dedicated to assuring that the Bank Group is a model of integrity and accountability,” he said. “The Committee will be supported by an external private search firm which we are in the final stages of selecting.” Zhang had previously announced his intention to leave the World Bank Group after seven years as managing director, having assisted the transition to a new President in the second half of 2005. He has subsequently announced he will be joining Citigroup Inc. “Shengman has made a major contribution to the World Bank Group as Managing Director for the past seven years. Since his appointment, he has undertaken an increasing number of responsibilities including oversight of the Bank’s global operations covering six regions and six sectors,” Wolfowitz said. “During the past four years, he has chaired key operations and institutional committees of the Bank and supervised the Bank’s quality assurance functions,” he added. “As he moves on to the next stage of his career, I want once again to express my personal appreciation for what he has done to strengthen this institution.” Zhang leaves the Bank Group Dec. 31 and Wolfowitz announced that Graeme Wheeler will fill the role of acting managing director until the search committee’s work is completed. The committee represents the Bank Group’s regions and networks as well as its rich diversity of personnel. Wheeler will be joined on the committee by Frannie Leautier, Vice President World Bank Institute; Pamela Cox, Vice President, Latin America; Dorothy Berry, Vice President, Human Resources at International Finance Corp.; Michel Wormser, Sector Director, Africa Infrastructure; Daniela Gressani, Country Director, Central Europe and the Baltics; Philip Adoteye, Senior Auditor; and Robin Cleveland, Counselor to the President. As Treasurer over the past four years, Wheeler has managed the Bank Group’s complex borrowing program of nearly $20 billion in multiple currencies and over $60 billion in assets, including the staff pension fund. He has led efforts to create innovative products and services to meet the capacity and financing requirements of the Bank Group’s partner countries in support of their development needs. Wheeler also has received the Staff Association’s Good Manager Award. Prior to joining the Bank in 1997, Wheeler had extensive experience as Treasurer of the New Zealand Debt Management Office and Deputy Secretary to the New Zealand Treasury. “The breadth of Graeme’s management and professional experience, both inside and outside the Bank, has served us well,” Wolfowitz said. “The Bank Group’s current sound international financial standing is a clear measure of his leadership and his team’s achievements.” “Graeme shares my view that – in addition to core professional competencies – integrity, trust, accountability, and respect are the key ingredients which will assure our institutional and individual success and results,” the Bank Group President said. While Graeme is serving as Acting Managing Director, Ken Lay, currently Deputy Treasurer and Director Banking Capital Markets and Financing Engineering Department, will assume the responsibilities of Acting Treasurer and Vice President. #### |
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