James Wolfensohn has formally informed the Dean of the World Bank Board, Saudi Arabia's Yahya Alyahya, of his decision to retire.

"I would like to retire at the end of my term and would suggest the board seek a new president for the institution as I would not wish to be considered for a third term," he wrote in an email.

"It has been a true privilege to serve the institution. I will be forever grateful for the opportunity and cannot imagine working with a finer group of colleagues."

David Steven ~ January 04, 2005

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