Klaus Schwab Steps Down After Over 55 Years Leading WEF

GENEVA, Switzerland — Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation as Chairperson and member of the Board of Trustees effective immediately on Monday. His departure marks a significant transition for the organization he established 55 years ago.

In a message to the WEF board, Schwab noted, “Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees.” Schwab’s resignation, which comes after a lengthy tenure, signals the end of an era for the Forum.

The WEF board convened an extraordinary meeting on Sunday, where they accepted Schwab’s resignation and unanimously appointed Vice Chairman Peter Brabeck-Letmathe as interim Chairman. The board also established a Search Committee to identify a permanent successor.

The WEF praised Schwab’s pivotal role in shaping the organization, referring to him as the architect of the world’s leading global platform for dialogue and progress. “The Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum,” stated the organization’s announcement.

Known for its annual meetings in Davos, Switzerland, the WEF attracts influential figures from government, business, academia, and civil society, including leaders from countries like India. The Davos gatherings have grown over the years, shifting from an initial attendance of under 500 participants to thousands of global leaders today.

The current Board of Trustees comprises prominent figures, including Reliance Industries Chairman Mukesh Ambani, World Bank President Ajay Banga, and IMF Managing Director Kristalina Georgieva, among others. Their collective expertise reflects the Forum’s commitment to fostering collaboration among diverse sectors.

In its statement, the WEF highlighted the critical need for inclusive dialogue as the world experiences rapid change. “At a time when the world is undergoing transformation, the need to navigate complexity and shape the future has never been more critical,” the WEF emphasized.

Continuing its mission, the WEF reiterated its role in facilitating constructive engagement among stakeholders to build trust and initiate cooperative progress. “The Forum will remain devoted to bringing together leaders from all sectors to exchange insights and foster collaboration,” the organization added.

Having founded the WEF’s precursor, the European Management Forum, in 1971, Schwab has been integral to its evolution into an influential institution. His dedication to the Forum has made it synonymous with global elite networking.

As Schwab steps back, the WEF prepares for a new chapter, reaffirming its commitment to addressing global challenges and fostering dialogue among world leaders throughout the changing landscape.