The Obama administration plans to nominate within weeks a candidate to replace World Bank president Robert Zoellick, who announced Wednesday that he would leave the institution when his five-year term ends June 30.

"It is very important that we continue to have a strong, effective leadership in this important institution," Treasury Secretary Timothy Geithner said in a statement. "In the coming weeks, we plan to put forward a candidate with the experience and requisite qualities to take this institution forward."