Bush taps Zoellick for World Bank post

WASHINGTON (CNN) -- President Bush said Wednesday he will nominate Robert Zoellick to be the 11th president of the World Bank, replacing Paul Wolfowitz, who was forced to step down.

"He's deeply devoted to the mission of the World Bank; he wants to help struggling nations defeat poverty," Bush told reporters at the White House.

Currently serving as a vice chairman at Goldman Sachs (up $0.21 to $228.65, Charts, Fortune 500), Zoellick's resume includes a long list of government jobs - deputy secretary of state in 2005, U.S. trade representative from 2001 to 2005, and under secretary of state for economic and agricultural affairs during the administration of the elder President Bush, where he managed 57,000 people.

He was the senior U.S. official in negotiations for German unification and worked closely on policies related to the end of the Cold War. He was appointed deputy chief of staff and assistant to the president in 1992.

From 1985 to 1988, Zoellick served at the Department of the Treasury in various positions.

"It'd probably be easier to list all the jobs that Bob hasn't had," Bush said Wednesday.

Wolfowitz has agreed to step down next month after the bank determined that he violated rules when he approved a raise for his companion, Shaha Riza.

Bush, who had supported Wolfowitz, said the departing president "has made the World Bank a more effective partner to world development," and added that "Bob Zoellick is the right man to succeed Paul in this vital work."

Zoellick, 53, expressed gratitude to Bush, adding, "We need to put yesterday's discord behind us and focus on the future together. I believe the World Bank's best days are still to come."