Klaus Schwab, founder of the World Economic Forum (WEF), has officially resigned as Chair of its Board of Trustees, bringing to a close more than five decades of leadership at the helm of the influential global organization.
The 87-year-old German economist, who established the Geneva-based WEF in 1971, announced his resignation in a statement released on Monday.
“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, with immediate effect,” Schwab said.
His resignation was formally accepted during an extraordinary board meeting held on April 20. Vice Chairman Peter Brabeck-Letmathe has been appointed interim Chair, while a committee begins the process of selecting Schwab’s permanent successor.
Schwab founded the WEF with the goal of creating a platform for global leaders in business, politics, and academia to collaborate on addressing major global challenges. What started as a modest meeting in the Swiss Alps village of Davos has since grown into one of the most high-profile annual summits in the world.
Widely regarded as a champion of globalisation, Schwab has played a pivotal role in shaping international economic discourse. However, the WEF has also faced criticism in recent years, with detractors accusing it of being out of touch with ordinary people and reinforcing global elitism.
Despite the controversies, Schwab’s influence on the global stage is undeniable. His departure marks a significant shift for the organization, which now faces the challenge of redefining its leadership and vision in an increasingly complex and divided world.
Edited by Nzubechukwu Eze.
