(MENAFN) Klaus Schwab, the long-time face and founder of the World Economic Forum (WEF), will be stepping down from his executive leadership role in the coming months, as announced by the organization.

The WEF, renowned for hosting the annual gathering of global elites in Davos, Switzerland, disclosed late Tuesday that Schwab, now 86 years old, will transition from his current position as executive chairman to chairman of the board of trustees.

This shift in leadership is slated to occur before the next edition of the annual meeting, scheduled for January 2025.

The decision underscores the WEF's evolution over the past six years, transitioning from a founder-led organization to one where executive responsibilities are assumed by a president and managing board.

While the announcement did not specify Schwab's successor, Borge Brende, the current president and a former Norwegian foreign minister, stands as the second-in-command within the organization.

With its headquarters in Geneva and a global workforce of around 800 employees, the WEF has experienced substantial growth, reporting 409 million Swiss francs (USD447 million) in revenue in the last fiscal year. The organization emphasized its transition from a mere "convening platform" to becoming the foremost global institution fostering public-private cooperation.

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