The World Bank has named Korean American physician Jim Yong Kim as its next chief.
This evening's decision surprised few despite the first-ever challenge to the US lock on the Bank's presidency.
The Bank's directors chose Kim, a 52 year old US health expert and educator, over Nigerian Finance Minister Ngozi Okonjo-Iweala.
She had argued that the huge lender needs reorientation under someone from the developing world.
Kim, 52 and currently president of the US Ivy League University Dartmouth, will replace outgoing President Robert Zoellick, the former US diplomat who is departing in June at the end of his five-year term.
The Bank's directors expressed "deep appreciation" to Kim, Okonjo-Iweala and a third candidate, Colombian economist Jose Antonio Ocampo, who pulled out of the race on Friday.
"Their candidacies enriched the discussion of the role of the president and of the World Bank Group's future direction," the Bank said in a statement.
"The final nominees received support from different member countries, which reflected the high calibre of the candidates," it added.
But there had been little doubt about the choice of Kim, despite him breaking the pattern of American bankers and diplomats being named to lead the huge development bank.
By a longstanding pact Washington has chosen the head of the World Bank while Europe has held control of who leads its sister institution, the International Monetary Fund.
Kim had the support of Washington's allies in Western Europe, Japan, Canada and some emerging market economies, including Russia, Mexico and South Korea.
Kim will take up his new post on July 1.
The US said Korean-American physician Jim Yong Kim will bring a fresh perspective to the World Bank.
"I welcome today's decision by the World Bank Board of Directors to select Dr Jim Yong Kim as the institution's next president," said US Treasury Secretary Timothy Geithner in a statement.
"Dr Kim has a lifetime of experience solving complex problems. His deep development background coupled with his dedication to forging consensus will help breathe new life into the World Bank's efforts to secure fast economic growth that is widely shared," he added.
Departing Bank chief Robert Zoellick called Kim, whose appointment breaks a tradition of bankers and diplomats heading the Bank, "an impressive and accomplished individual."
"Jim has seen poverty and vulnerability first-hand, through his impressive work in developing countries," Zoellick said.
"His rigourous, science-based drive for results will be invaluable for the World Bank Group as it modernises to better serve client countries in overcoming poverty," he added.
