IFC: Wolfensohn shuffles the deck
What are your impressions of the IFC after 90 days?
I continue to be very impressed by the quality of the people, by their motivation and by the business done by the IFC. What I'm trying to do, however, is what I would call modernize the organization. The business of the IFC has dramatically increased in scope over the past five to seven years. I'm not sure that the organization has adapted to this business demand. It is a hierarchical organization with lots of checks and balances. I think we've got to understand that we have very bright, very intelligent people and lodge more decisions with them and thus aim to create more innovation and creativity. I recognize that this is a very different institution [from Wall Street firms], with different shareholders and controls via the board. This is slightly different from the private sector. I don't have a problem with that, but I think that internally we can work a little bit faster and more efficiently. We have talked about this openly and I think the organization is responding very well.
What do you want to achieve in your new position?
I'm a passionate believer that the private sector is, in many instances, a better provider of services.