The World Bank on Monday selected Jim Yong Kim as its next president. The World Bank presidency has gone to a U.S. candidate since the organization was founded at the Bretton Woods conference.

The World Bank had a choice between Nigerian finance minister Okonjo-Iweala and Kim, president of Dartmouth College. It was the first time that a non-U.S. candidate has been a major challenger for the position.

In the end, Kim, a 52-year-old global health expert, will take over as July rolls around. Current president, Robert B. Zoellick, will step down, ending his five-year term.

A third candidate, Colombia's former finance minister Jose Antonio Ocampo, pulled out of the race on Friday. The UK's Guardian reported that Ocampo has called the selection process a a political-oriented exercise.