President of the World Bank Group

Last updated

President of World Bank Group
World Bank logo.svg
World Bank logo
Ajay Banga.jpg
Incumbent
Ajay Banga
since June 2, 2023
Term length Five years, renewable
Website president.worldbankgroup.org

The president of the World Bank Group is the head of World Bank Group. The president is responsible for chairing the meetings of the boards of directors and for overall management of the World Bank Group.

Contents

The nominee is subject to confirmation by the Board of Executive Directors, to serve for a five-year, renewable term. Traditionally, the World Bank Group president has always been an American citizen nominated by the United States, the Bank's largest shareholder, and the IMF's managing director has been a European citizen. [1] While most World Bank Group presidents have had economic experience, some have not. [2]

The fourteenth and current World Bank Group president is Ajay Banga, who was selected on May 3 and began his term on June 2, 2023. [3]

List of World Bank Group presidents

Status
  Denotes an acting president of the World Bank Group
#PortraitNameTermNationalityBackgroundNotes
1 EugeneMeyer.jpg Eugene Meyer June 18, 1946 – December 18, 1946Flag of the United States (1912-1959).svg United StatesInvestor and publisher of The Washington Post ;
Chairman of the U.S. Federal Reserve 		First World Bank Group president
2 John J. McCloy - Project Gutenberg etext 20587.jpg John J. McCloy March 17, 1947 – June 30, 1949Flag of the United States (1912-1959).svg United States U.S. Assistant Secretary of War during World War II First World Bank Group president with military background
3 Eugene R Black.jpg Eugene R. Black Sr. July 1, 1949 – December 31, 1962Flag of the United States.svg United StatesBank executive with Chase Manhattan Bank;
Executive Director of the World Bank
4 No image.svg George Woods January 1, 1963 – March 31, 1968Flag of the United States.svg United StatesInvestment banker and bank executive with First Boston Corporation
5 Robert McNamara official portrait.jpg Robert McNamara April 1, 1968 – June 30, 1981Flag of the United States.svg United StatesBusiness executive with Ford Motor Company;
U.S. Secretary of Defense in both the John F. Kennedy administration and Lyndon B. Johnson administration
6 No image.svg Alden W. Clausen July 1, 1981 – June 30, 1986Flag of the United States.svg United StatesPresident and CEO with Bank of America
7 Barber Conable.jpg Barber Conable July 1, 1986 – August 31, 1991Flag of the United States.svg United States U.S. Representative from New York First World Bank Group president without business background
8 No image.svg Lewis T. Preston September 1, 1991 – May 4, 1995Flag of the United States.svg United StatesBank executive with J.P. Morgan & Co. First Word Bank Group president to die in office
Preston had been on medical leave from his position since February 1995 and had intended to formally retire from the Bank at the end of May of the same year. [4] Ernest Stern was appointed interim World Bank Group president in his absence. [5]
– No image.svg Ernest Stern
Acting
[6] 		February 1, 1995 – May 31, 1995Flag of the United States.svg United StatesManaging Director of the World Bank;
Assistant Administrator of the U.S. Agency for International Development (USAID)		First interim World Bank Group president born outside United States
First World Bank Group president born in Europe
First World Bank Group president from Germany
9 James D. Wolfensohn 2003.jpg James Wolfensohn June 1, 1995 – May 31, 2005Flag of the United States.svg United States [a] Corporate lawyer and investment bankerFirst permanent World Bank Group president born outside United States
First World Bank Group president born in Oceania
First World Bank Group president from Australia
10 Paul Wolfowitz.jpg Paul Wolfowitz June 1, 2005 – June 30, 2007Flag of the United States.svg United States U.S. Deputy Secretary of Defense in the George W. Bush administration
11 Zoellick, Robert (official portrait 2008).jpg Robert Zoellick July 1, 2007 – June 30, 2012Flag of the United States.svg United StatesBank executive with Goldman Sachs;
U.S. Deputy Secretary of State and U.S. Trade Representative in the George W. Bush administration
12 Jim Yong Kim (cropped).jpg Jim Yong Kim July 1, 2012 – February 1, 2019Flag of the United States.svg United StatesPhysician, anthropologist and co-founder of Partners in Health;
President of Dartmouth College 		First person of color to serve as World Bank Group president
First World Bank Group president born in Asia
First World Bank Group president from South Korea
– Kristalina Georgieva Headshot (cropped).jpg Kristalina Georgieva
Acting
[8] 		February 1, 2019 – April 8, 2019Flag of Bulgaria.svg BulgariaCEO of the World Bank;
Vice-President of the European Commission and European Commissioner for Budget and Human Resources in the Juncker Commission,
European Commissioner for International Cooperation, Humanitarian Aid and Crisis Response in the Barroso Commission 		First woman to serve as interim World Bank Group president
First World Bank Group president from European Union, from former Eastern Bloc, and from Bulgaria
13 David Malpass, World Bank Group President (cropped).jpg David Malpass April 9, 2019–June 1, 2023Flag of the United States.svg United StatesChief Economist at Bear Stearns;
U.S. Under Secretary of the Treasury for International Affairs in the Donald Trump administration
14 Ajay Banga.jpg Ajay Banga June 2, 2023–presentFlag of the United States.svg United StatesVice Chairman at General Atlantic; President and CEO of Mastercard First World Bank Group president born in South Asia
First World Bank Group president from India
References: [9]

References

  1. ↑ Weiss, Martin A. (February 8, 2019). Selecting the World Bank President (PDF) (Report). Congressional Research Service. p. 2. Archived (PDF) from the original on October 11, 2021. Retrieved September 20, 2021. According to an informal agreement among World Bank member countries, a U.S. candidate is chosen as the president of the World Bank and a European candidate (typically French or German) is appointed as the Managing Director of the International Monetary Fund (IMF).
  2. ↑ Hurlburt, Heather (March 23, 2012). "Why Jim Yong Kim would make a great World Bank president". The Guardian. Archived from the original on October 21, 2022. Retrieved March 24, 2012.
  3. ↑ "Ajay Banga Selected 14th President of the World Bank" (Press release). Washington, D.C.: World Bank Group. May 3, 2023. Archived from the original on May 14, 2023. Retrieved May 4, 2023.
  4. ↑ Briscoe, David (May 6, 1995). "World Bank President Lewis Preston Dies". Associated Press. Archived from the original on March 25, 2023. Retrieved February 21, 2023.
  5. ↑ Lewis, Paul (February 13, 1995). "A Tight Race to Head the World Bank". The New York Times. Archived from the original on May 26, 2015. Retrieved February 21, 2023.
  6. ↑ Wolf, Martin (June 27, 2019). "Ernest Stern, economist, 1933-2019". Financial Times. Archived from the original on June 27, 2019. Retrieved June 28, 2019.
  7. ↑ "James Wolfensohn: banker to the world". The Sydney Morning Herald . October 9, 2010. Archived from the original on September 23, 2022. Retrieved October 10, 2010.
  8. ↑ "World Bank Group President Kim to Step Down February 1" (Press release). Washington, D.C.: World Bank Group. January 7, 2019. Archived from the original on January 7, 2019. Retrieved January 8, 2019.
  9. ↑ "Past Presidents". Washington, D.C.: World Bank Group Archives, World Bank Group. Retrieved January 20, 2023.

Notes

  1. ↑ Prior to taking office, Wolfensohn renounced his Australian citizenship to become naturalized as an American citizen since, by tradition, the head of the World Bank is always an American. He regained Australian citizenship after leaving office. [7]
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.