Wolfowitz must quit: Ex-World Bank executives

HONG KONG: More than 40 senior former World Bank officials called on Monday for the immediate resignation of its embattled leader Paul Wolfowitz, saying he had lost trust and respect.

In a letter to the Financial Times, the 42 ex-employees called for change following revelations that the bank’s president used his influence to ensure a favourable job and salary for his girlfriend. “We believe that he can no longer be an effective leader,” said the letter, which was signed by staff including four former senior vice-presidents and 14 ex-vice-presidents.

“He has lost the trust and respect of bank staff at all levels, provoked a rift among senior managers, developed tense relations with the board, damaged his own credibility on good governance — his flagship issue — and alienated some key shareholders at a time when their support is essential for a successful replenishment of the resources needed to help the poorest countries, especially in Africa.”

The letter concluded: “There is only one way for Wolfowitz to further the mission of the bank: he should resign.”

In an accompanying editorial the business daily backed the former staff’s concerns. “If Paul Wolfowitz remains head of the World Bank, he will preside over a rudderless hulk,” the leader said.

“That is today’s inconvenient truth. The US has always had the prerogative of nominating the president of the bank. But this privilege carries with it a big responsibility. Exercising that responsibility now requires acceptance of an immediate change in the bank’s top leadership.”