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5mo ago

Klaus Schwab Steps Down as WEF Chair After 55 Years

The 87-year-old founder cited his age in an immediate resignation, with Peter Brabeck-Letmathe named interim chair and a search for a successor underway.

DAVOS, SWITZERLAND - JANUARY 21: Klaus Schwab, executive chairman of the World Economic Forum attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland on January 21, 2025. (Photo by Halil Sagirkaya/Anadolu via Getty Images)
World Economic Forum (WEF) Founder and Chairman Klaus Schwab gives his welcoming remarks at the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2025. REUTERS/Yves Herman/ File Photo
FILE - Klaus Schwab, Chairman of the World Economic Forum attends the opening of the Annual Meeting of World Economic Forum in Davos, Switzerland, Jan. 16, 2024. (AP Photo/Markus Schreiber, File)

Overview

  • Klaus Schwab, founder of the World Economic Forum, has resigned as chair and board member effective immediately as he approaches his 88th year.
  • Peter Brabeck-Letmathe, former Nestlé CEO and WEF vice chairman, has been appointed interim chair by the board of trustees.
  • A search committee has been established to identify a permanent successor to lead the forum during this transitional period.
  • The WEF continues to face scrutiny over internal allegations of workplace discrimination and harassment, with investigations ongoing.
  • Schwab's departure concludes 55 years of leadership during which he transformed the WEF into a global platform for political and business elites.