The World Bank Group President is selected by the Executive Directors. The President serves a term of five years, which may be renewed. There is no mandatory retirement age. In addition to chairing the meetings of the Boards of Directors, the President is responsible for the overall management of the World Bank Group. The Executive Vice

Presidents of IFC and MIGA report directly to the World Bank Group President, and the President serves as Chair of ICSID's Administrative Council. (ICSID operates as a secretariat whose Secretary-General is selected by the Administrative Council every six years.) Within IBRD and IDA, most organizational units report to the President and, through the President, to the Executive Directors.

The two exceptions are the Independent Evaluation Group and the Inspection Panel, which report directly to the Executive Directors. In addition, the President delegates some of his or her oversight responsibility to three Managing Directors, each of whom oversees several organizational units.

Presidents of the World Bank Group

Eugene Meyer

Eugene Meyer was the first President of the World Bank Group. In 1946, Meyer laid the groundwork for lasting Bank business policies. His short but pivotal six-month presidency introduced issues that would define the institution in the next decades.

Meyer first began the task of building organization within the company. He recruited senior staff and professional personnel capable of analyzing loan proposals, built a research department needed to make decisions about loans and guarantees, and began defining loan policies. Meyer also set the mission of instilling confidence in the Bank on Wall Street.

His excellent reputation on Wall Street and his conservative approach served to allay fears and encourage those who looked to the Bank to play a major role in the postwar economic field. Investors welcomed his promise that the Bank would operate on sound investing principles. Meyer actively promoted changes in state legislation in the United States that would allow insurance companies, savings banks, and other bodies to purchase IBRD bonds. Meyer is also credited with helping to define the fundamental relationship between the World Bank and the United Nations.

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