The executive directors of World Bank today chose Robert Zoellick as the new president of the bank, replacing departing president Paul Wolfowitz.

The directors unanimously selected Zoellick to succeed Wolfowitz, effective July 1, as the 11th president of the bank for a five-year term.

The president of the bank is ex officio president of the International Development Association (IDA) and chairman of the board of directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre of Investment Disputes (ICSID).

Zoellick, a U.S. national, is currently vice chairman, international, of Goldman Sachs Group, and a managing director and chairman of Goldman Sach’s board of international advisors.

He has served in a number of senior positions in successive U.S. administrations, including as Deputy Secretary, U.S. Department of State, and as U.S. Trade Representative (2001-05). He also served as Deputy Assistant Secretary for Financial Institutions Policy, U.S. Department of Treasury, and Undersecretary for Economic and Agricultural Affairs and Counselor in the U.S. State Department. He was executive vp of Fannie Mae (1983-1985), the large U.S. mortgage finance corporation, as well as v.p. and assistant to the chairman and CEO. In addition, he served as Olin Visiting Professor, U.S. Naval Academy, as Senior Advisor, Goldman Sachs, as Research Scholar, Belfer Center, Harvard University, and previously on three corporate boards, as well as numerous research and non-profit boards.

Zoellick has a J.D., magna cum laude, Harvard Law School, and a M.P.P. (in public management and international issues) from the Kennedy School of Government. In addition, Zoellick has received numerous distinguished service awards.