World Bank managers take control
The six most senior remaining managers of the World Bank have assumed day-to-day control of the bank to fill the void created by the imminent departure of president Paul Wolfowitz.
Mr Wolfowitz agreed to give up almost all executive functions on Friday, though he will formally remain bank chief until June 30. His resignation followed the publication of a report into his handling of a secondment package for Shaha Riza, a bank official with whom he was romantically involved.
The board representing the bank's shareholder governments has been unable to agree to mandate interim arrangements. Many countries wanted Graeme Wheeler, one of the two managing directors, to take over the running of the bank, but the US insisted there would be no designated interim leader.
In a statement on Monday the senior management team asserted control as a group. The team comprises Mr Wheeler, Juan Jose Daboub, the other managing director, Ana Palacio, the bank's general counsel, Marwan Muasher, its external relations chief, Vincenzo LaVia, its chief financial officer, and Lars Thunnel, the head of its private-sector arm IFC.
They said: "We expect that each member of the senior management team will take the lead in their direct areas of responsibility." The group said it would "meet frequently, establish a strong strategic dialogue with the vice-presidents and work closely with the board".
The announcement was made as talks about Mr Wolfowitz's successor were gaining momentum. President George W. Bush told Reuters in an interview that he wanted an American in the job, playing down speculation that he might turn to Tony Blair, the departing British prime minister.
The senior management team said it was essential that the bank put its fundraising back on track and pressed ahead with agreed strategies, including the governance and anti-corruption drive championed by Mr Wolfowitz.
Source: The Financial Times
Date: 23.05.2007 [ID: 31]