Media reports Davos chief resigning his position

(MENAFN) Klaus Schwab, the founder and executive chairman of the World Economic Forum (WEF), has announced his decision to relinquish his role after more than five decades of leadership at the helm of the prestigious event. This significant development was disclosed in a letter from Schwab to WEF staff, as reported by the Semafor news platform.

In his letter, Schwab outlined his intention to transition to a non-executive chairman position before the next annual gathering of the WEF, scheduled to take place in Davos, Switzerland, in 2025. However, this transition is contingent upon approval by the Swiss government, underscoring the procedural aspects associated with Schwab's succession plan.

The WEF, a nonprofit foundation established by Schwab in 1971, has played a pivotal role in fostering dialogue and collaboration among global leaders in business, politics, and academia. Its annual meeting in Davos stands as the premier event in the realm of economics and business, attracting an array of high-profile attendees from around the world.

While Schwab did not designate a successor in his letter, he commended the executive board's leadership, particularly President Borge Brende, who has assumed full executive responsibility. Brende, a former Minister of Foreign Affairs of Norway, has served as WEF president since 2017, bringing a wealth of diplomatic experience to the organization's leadership.

The Semafor report sheds light on the intricate dynamics within the WEF, portraying it as akin to a "family business." Schwab's familial ties are underscored by the involvement of his children in prominent roles within the organization, with his wife Hilde overseeing the foundation and awards ceremonies held in Davos.

Beyond its organizational structure, the WEF's financial standing is highlighted, with the report noting its substantial revenue generation, totaling nearly USD500 million in the fiscal year ending March 2023. Additionally, the organization maintains a robust financial position, boasting significant cash reserves amounting to approximately 200 million Swiss francs (USD220 million).

As Schwab prepares to pass the baton of leadership, the WEF stands poised to continue its mission of fostering global cooperation and addressing pressing challenges facing the world today.



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