World Bank Names Dartmouth's Kim as New President

The World Bank said Monday that Dartmouth College President Jim Yong Kim will become its next president.

Jim Yong Kim, new president of the World Bank.
Ramin Talaie | Bloomberg | Getty Images
Jim Yong Kim, new president of the World Bank.

Kim, a surprise nominee of President Obama, was selected in a vote by the World Bank's 25-member executive board. He'll succeed Robert Zoellick, who's stepping down after a five year term.

When Obama nominated Kim last month, he said Kim's global experience will help the bank improve conditions around the world.

"It's time for a development professional" to lead the world's largest development agency," Obama said.

The Korean-born Kim is a physician by training and a leading figure in global health and development circles.

Developing nations waged an unsuccessful challenge to Kim, 52, a pioneer in treating HIV/AIDS and tuberculosis in the developing world.

Kim's selection marks a break from previous World Bank leaders who were typically political, legal or economic figures.

The 187-nation World Bank focuses on fighting poverty and promoting development. The World Bank has always been headed by an American and is a leading source of development loans for countries seeking financing for infrastructure projects.