New Zealander Graeme Wheeler has announced his resignation as managing director of the World Bank.
Mr Wheeler, who joined the Washington-based development institution in 1997 from the New Zealand Treasury, said in a statement he was leaving to pursue new career opportunities.
He first joined the World Bank as director of its newly established financial services department and was promoted to treasurer in 2001. He has been managing director for four years.
In 2007 he was reported to be among the leading contenders to replace Paul Wolfowitz as World Bank president when he quit following a scandal over a generous pay and promotion package he arranged for his girlfriend, a bank employee.
But the position has always been held by an American and the tradition was upheld when former US trade representative Robert Zoellick was appointed president.
Mr Wheeler said it had been a "great privilege to work in this fine institution" deeply committed to fighting poverty and creating opportunity and hope for the poor.
"Graeme has performed outstanding service in many capacities working with colleagues throughout the World Bank Group," Mr Zoellick said.
"He has made a major contribution to corporate-wide initiatives, leading the strategic effort to strengthen knowledge management and spearheading creation of the new internal justice system."
Mr Wheeler led the bank's engagement with the G20 and G7 economic powers and the International Monetary Fund, playing a pivotal role in the bank's response to the global financial crisis.
He was well respected for his knowledge of economics, finance and markets, and their interplay with development policy, Mr Zoellick said. "In addition to strategic leadership, Graeme is an excellent manager."
