Zoellick, 53, who has been a vice chairman at investment bank Goldman Sachs, faces the task of rebuilding trust in the development lender that cracked under Paul Wolfowitz.

Wolfowitz, who has served a troubled two years, was forced to resign after a bank panel found he had violated rules in arranging a lavish pay-and-promotion package for his female companion, a bank employee.

Zoellick, a former top US diplomat and trade chief, was unanimously approved for a five-year term as the 11th president of the bank to succeed Wolfowitz, who is to step down Saturday, the 24-member board said in a statement.

"Once I start at the World Bank, I will be eager to meet the people who drive the agenda of overcoming poverty in all regions, with particular attention to Africa, advancing social and economic development, investing in growth, and encouraging hope, opportunity, and dignity," Zoellick said in a statement.