WASHINGTON, Feb. 17 (Xinhua) -- The Washington-based World Bank Group announced on Friday that it was poised to complete the nomination of successor for the agency's chief by March 23.
The Board of Executive Directors of the Bank met on Friday to discuss the selection of the next President of the World Bank Group, following the announcement of the current President, Robert Zoellick, that he would not seek reappointment at the end of his term which expires on June 30, 2012,the Bank said in a statement.
"In 2011, the Board of Executive Directors approved the process for selection of the President. It reconfirmed the importance of a merit-based and transparent process with all Executive Directors able to nominate and then consider all candidates," noted the statement.
"Nominations should be submitted by close of business on Friday, March 23, 2012, and may be made by Executive Directors, or by Governors through their Executive Director," added the statement.
Following the close of the nomination process, the Executive Directors will decide on a shortlist of up to three candidates, said the Bank.
Formal interviews by the Executive Directors will be conducted for all shortlisted candidates with the expectation of selecting the new President by consensus by the Spring Meetings of 2012 of World Bank and its sister agency the International Monetary Fund ( IMF) scheduled to take place between April 20 and 22 in Washington, D.C.
U.S. Treasury Secretary Timothy Geithner on Wednesday said that the treasury was slated to announce a candidate to serve at the helm of the agency in the coming weeks.
Traditionally, the World Bank Group's President is an American and the chief of the IMF, is a European.