Bush to announce Wolfowitz replacement "soon"

WASHINGTON (Reuters) - President George W. Bush will soon announce a candidate to replace World Bank President Paul Wolfowitz, and reluctantly accepted his decision to resign, the White House said on Thursday.

"Paul Wolfowitz is a good man who is passionate about the plight of poor people in the world. We would have preferred that he stay at the Bank, but the president reluctantly accepts his decision," White House spokesman Tony Fratto said.

"The president will have a candidate to announce soon, allowing for an orderly transition that will have the World Bank refocused on its mission," Fratto said.

Wolfowitz agreed to step down as of June 30 after a salary controversy involving his companion. A White House official, on condition of anonymity, said Bush would choose an American to replace Wolfowitz.

"There will not be a change in the tradition of how World Bank presidents are chosen," the official told Reuters.