World Bank Chief to Leave Post

WASHINGTON—World Bank President Robert Zoellick said Wednesday he would step down as scheduled when his term ends in June, setting the stage for a new leader to be named to the international lender in the coming weeks.

Even before Mr. Zoellick's announcement, the expected opening had already set off speculation around the world about a possible successor.

The bank, which is owned by 187 nations and lends to developing economies, has been led by an American since its creation after World War II. The U.S. is the bank's largest shareholder.

The Obama administration has assembled a list of candidates for the job but has not settled on a single choice, according to a person familiar with the matter. A decision is expected soon, allowing the U.S. to formally submit a nomination to the bank's board.

One name on the list is former Treasury Secretary Lawrence Summers, who served in the Obama administration as director of the president's National Economic Council. Mr. Summers, now a Harvard University professor, wasn't immediately available to comment.

Some news reports have identified Secretary of State Hillary Clinton as a possible contender. But an aide to Mrs. Clinton said she has no intention of pursuing the job.

Treasury Secretary Tim Geithner on Wednesday called for the bank's board "to move forward with an open and expeditious process."

"It is very important that we continue to have strong, effective leadership of this important institution, and in the coming weeks, we plan to put forward a candidate with the experience and requisite qualities to take this institution forward," he said in a statement.

While other nations are expected to offer candidates, the U.S. is widely understood to have a lock on the job. Under an unwritten agreement, the U.S. chooses the World Bank president while European nations select the head of the International Monetary Fund.

The U.S. backed former French finance minister Christine Lagarde for the IMF post last year despite pressure from many IMF members to support a candidate from emerging economies.

The leadership of the World Bank is a top international post. The bank's president sits alongside heads of state at meetings of the Group of 20 advanced and developing nations and other global settings.

Advanced economies often turn to the bank to aid some of the world's poorest nations and to support countries emerging from conflicts and revolutions.

Soon after he took his post in July 2007, Mr. Zoellick focused on responding to the global spike in food prices, then the global financial crisis, and more the economic turmoil that followed the Arab Spring uprisings last year. Recently, he has tried to prepare emerging economies for risks from the European debt crisis.

Mr. Zoellick joined the bank at a tumultuous time for the institution after Paul Wolfowitz, a former U.S. deputy secretary of defense, ended his controversial tenure after two years.

A former U.S. trade representative for President George W. Bush, Mr. Zoellick sought to elevate the bank's stature at a time when emerging economies were becoming major drivers of global growth.

"Wherever we look, people now want us involved," he said in an interview. "It also has to be a different bank because times have changed and we've tried to change with it."

Corrections & Amplifications

Under Secretary for International Affairs Lael Brainard is heading the search committee, with former Treasury Secretary Lawrence Summers and Secretary of State Hillary Clinton among the names mentioned in press reports as possible appointments. An earlier version of this article incorrectly said that Ms. Brainard was a candidate for the job.