[ 2007-05-18 10:00 ]
|World Bank President Paul Wolfowitz (R)
leaves his house in the Washington suburb of Chevy Chase, Maryland, May
Embattled World Bank President Paul Wolfowitz will resign at the
end of June, he and the bank said late Thursday, ending his long fight to
survive pressure for his ouster over the generous compensation he arranged for
His departure ends a two-year run at the development bank that was marked by
controversy from the start, given his previous role as a major architect of the
Iraq war when he served as the No. 2 official at the Pentagon.
"He assured us that he acted ethically and in good faith in what he believed
were the best interests of the institution and we accept that," the board said
in its announcement of his resignation.
His departure was all but forced, however, by the finding of a special bank
panel that he violated conflict-of-interest rules in his handling of the 2005
pay package of bank employee Shaha
The board said it was clear that a number of people had erred in reviewing
the pay package.
Wolfowitz, who had fought the pressure to resign for weeks, said in his own
statement Thursday that he was pleased that the board "accepted my assurance
that I acted ethically and in good faith in what I believed were the best
interests of the institution, including protecting the rights of a valued staff
Now, he said, it was in the best interest of the board that its mission "be
carried forward under new leadership."