The president is responsible for chairing the meetings of the boards of directors and for overall management of the World Bank Group.

The nominee is subject to confirmation by the Board of Executive Directors, to serve for a five-year, renewable term.

Traditionally, the World Bank Group president has always been an American citizen nominated by the United States, the Bank's largest shareholder, and the IMF's managing director has been a European citizen.

[1] While most World Bank Group presidents have had economic experience, some have not.

[2] The fourteenth and current World Bank Group president is Ajay Banga, who was selected on May 3 and began his term on June 2, 2023.