George David Woods
George Woods | |
---|---|
President of the World Bank Group | |
In office January 1, 1963 – March 31, 1968 | |
Preceded by | Gene Black |
Succeeded by | Robert McNamara |
Personal details | |
Born | Boston, Massachusetts, U.S. | July 27, 1901
Died | August 20, 1982 Lisbon, Portugal, New York, U.S. | (aged 81)
George David Woods (July 27, 1901[1] – August 20, 1982[1]) was a U.S. banker. He served as President of the World Bank from January 1963 until March 1968.
Biography
[edit]This section needs additional citations for verification. (September 2024) |
George Woods was born in Boston, Massachusetts in 1901.[1] He grew up Brooklyn, where his father, who died when Woods was three,[2] had moved the family to find shipyard work.[1]
After graduating from high school at Commercial High School in Brooklyn, at the age of 17 he was employed on Wall Street as an office boy at the investment firm Harris, Forbes & Co.[1] At the company's urging, he attended night school in banking theory and finance,[2] and later became a buyer in the underwriting department. By the age of 26 he had been promoted to a vice president position. In 1930 the firm was acquired by Chase Bank, and Woods was made vice president of the new firm; he later became vice president and member of the board of First Boston Corporation, a newly formed securities company.
First Boston became one of the largest investment banking firms in the United States, and Woods played a major role in it. In 1947 he became one of two executive vice presidents, then in 1948 became chairman of the executive committee. Then, in 1951 Woods became chairman of the board.
World Bank Service
[edit]Woods tenure at the World Bank accompanied its transformation into a more global institution, One emphasis he had was to work to correct the disparity between rich and poor, and North and South. Under Woods, there was an increasing focus on economic analysis in determining root causes for constrained growth in developing nations, and less focus on the basis determination of country creditworthiness.
Under his tenure, the International Centre for Settlement of Investment Disputes (ICSID) was established, which provided assurance for nervous private investors.
Woods was also leader of the World Bank during the effort to assist India, which resulted in the devaluation of the rupee in 1966.
Honour
[edit]Foreign honour
[edit]Malaysia : Honorary Grand Commander of the Order of Loyalty to the Crown of Malaysia (1973)[3]
References
[edit]- ^ a b c d e "George D. Wood, 81, Dies; Ex-President of World Bank". The New York Times. August 21, 1982. Retrieved September 12, 2024.
- ^ a b https://books.google.com/books?id=2Wghq0-OAvEC&pg=PA120
- ^ "Senarai Penuh Penerima Darjah Kebesaran, Bintang dan Pingat Persekutuan Tahun 1973" (PDF).