World Bank Chief Paul Wolfowitz Resigns

May 17, 2007
World Bank Chief Paul Wolfowitz Resigns

World Bank President Paul Wolfowitz has resigned his post, effective June 30.

An internal panel tasked with investigating the lucrative pay and promotion package Wolfowitz arranged in 2005 for girlfriend Shaha Riza found him guilty of breaking bank rules.

The committee also found that he tried to hide the salary and promotion package from top ethics and legal officials within the bank. The report added that there is a "crisis in the leadership" at the World Bank.