Klaus Schwab steps down as CEO of World Economic Forum, moves to position of chairman
Date
5/23/2024 4:49:05 AM
(MENAFN) The Davos Conference Organizing Department announced that Klaus Schwab, the founder of the World Economic Forum (WEF), will soon relinquish his administrative duties. Schwab, aged 86, will step down as CEO and transition to the role of Chairman of the Board of Directors. This change is expected to occur before the next edition of the forum, scheduled for January 2025.
This decision marks the culmination of a lengthy transition period that began in 2015, signaling a significant shift in the forum's governance. According to the forum's management, the WEF is evolving from an organization managed by its founders to one where the president and board of directors will assume full executive responsibility. This transformation aims to enhance the forum's role from merely a "gathering platform" to a "major global institution for cooperation between the public and private sectors."
Despite the announcement, no details have been provided about Schwab's successor. The WEF, headquartered in Geneva and employing 800 people worldwide, continues to play a pivotal role in global economic discussions. Schwab, born in Ravensburg, Germany, in 1938, initiated the European Management Forum, the precursor to the WEF, while serving as a business administration professor at the University of Geneva, a position he held until 2003. His departure from executive management after more than 40 years marks the end of an era and the beginning of a new chapter for the World Economic Forum.
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