Paul Wolfowitz stepped down from the World Bank presidency on Jun. 30, 2007 after serving less than half of his five-year term. But the nepotism scandal that toppled the former U.S. deputy defence secretary failed to inspire systemic reforms at the Bank, as many critics and even Bank insiders had urged. Instead, Washington quickly named another U.S. national, Robert Zoellick, as the institution's new leader. Click here for more in-depth coverage of the World Bank and other IFIs.

Paul D. Wolfowitz (b. Dec. 22, 1943)

March 2003 - U.S. Dep. Secretary of Defence, "architect" of Iraq war
March 2005 - Confirmed as World Bank president
April 2006 - Launches World Bank anti-corruption drive
April 2007 - "I made a mistake, for which I'm sorry."