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4w ago

WEF Board Exonerates Klaus Schwab and Appoints Fink and Hoffmann as Interim Co-Chairs

Cleared of material misconduct with only minor lapses, the Forum’s board has appointed Larry Fink alongside André Hoffmann as interim co-chairs charged with strengthening governance.

Klaus Schwab, chairman of the World Economic Forum (WEF), speaks during a special session at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 20, 2016. World leaders, influential executives, bankers and policy makers attend the 46th annual meeting of the World Economic Forum in Davos from Jan. 20 - 23. Photographer: Matthew Lloyd/Bloomberg via Getty Images
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Schwab had denied all the accusations against him

Overview

  • The final board report found no evidence of material wrongdoing by Klaus Schwab or his wife Hilde, citing only blurred lines between personal contributions and Forum operations.
  • Larry Fink, CEO of BlackRock, and Roche vice-chair André Hoffmann will serve as interim co-chairs to lead a governance overhaul at the Geneva-based organization.
  • Peter Brabeck-Letmathe has stepped down as interim chairman, closing the transitional phase that began with Schwab’s resignation in April.
  • The board pledged to address identified procedural gaps by enhancing oversight and formalizing governance structures across the Forum.
  • Following the probe’s conclusion, Schwab intends to drop some legal actions against the Forum and anonymous whistleblowers, though reputational and legal debates persist.