U.S. President George W. Bush (L) listens to former U.S. Trade Representative Robert Zoellick (C) after announcing Zoellick will take over as World Bank President from Paul Wolfowitz in the Roosevelt Room of White House in Washington May 30, 2007. U.S. Secretary of Treasury Henry Paulson is on the right.(Xinhua/Reuters Photo) Photo Gallery>>>

    WASHINGTON, May 30 (Xinhua) -- U.S. President George W. Bush on Wednesday nominated former trade representative Robert Zoellick to lead the World Bank, replacing outgoing bank President Paul Wolfowitz.

    Bush said that Zoellick has a long career in diplomacy that has prepared him well for the job. "Bob Zoellick is deeply committed to this cause," he said.

    At the same time, Bush also praised for Wolfowitz's performance as head of the bank.

    As Bush's first trade chief, Zoellick, 53, played a leading role in efforts to revive the Doha round of world trade talks. He later served as deputy secretary of state and has widespread experience of and high-level contacts with Europe, China, Latin America and Africa.

    He left the government last year to join investment bank Goldman Sachs.

    By tradition, the United States, as the bank's largest shareholder, names the World Bank chief and Europe nominates the leader of the International Monetary Fund.

    The Bush administration has insisted it choose an American to replace Wolfowitz despite pressure from Brazil and other developing countries to open the candidacy to any nationality.

    The nomination must be approved by the bank's 24-member executive board.

    Wolfowitz, former U.S. deputy defense secretary, announced two weeks ago to step down June 30 after findings by a special bank panel that he broke bank rules when he arranged a hefty compensation package in 2005 for his girlfriend, Shaha Riza, a bank employee.

    Shaha Riza, Wolfowitz's girlfriend and once a staff member in the bank, was removed to work for the U.S. State Department when Wolfowitz took over at the World Bank in 2005, to avoid any conflict of interest.

    While still on the World Bank payroll, Riza was rapidly promoted and ended up with a package of tax-free salary to about 193,000 dollars, more than even Secretary of State Condoleezza Rice receives before tax.