BANKING AND FINANCE
<i> Times Staff and Wire Reports</i>
World Bank Gets New President: Investment banker James Wolfensohn received the unanimous approval of the board of the international development agency. He is expected to take up the post June 1 following Lewis Preston’s retirement May 31 for health reasons, the World Bank said in a statement. The approval had been expected. President Clinton announced Wolfensohn as his choice for the job last week. The United States traditionally nominates the World Bank’s president. The bank’s sister organization, the International Monetary Fund, is headed by a European. “I am extremely honored to have been appointed by the board to the presidency of the World Bank,” Wolfensohn said in the statement.
