Klaus Schwab Resigns as WEF Chairman

(MENAFN) Klaus Schwab, the founder of the World Economic Forum (WEF), widely known for its annual Davos meetings, has resigned from his role as chairman and from the WEF board, the organization announced 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 stated.

The board unanimously selected Vice Chairman Peter Brabeck-Letmathe to serve as interim chairman. A search committee has also been formed to identify a permanent successor.

"The Board acknowledged the outstanding achievements of the retired Chairman and Founder of the World Economic Forum, Klaus Schwab. He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum," the statement continued.

"At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical. The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration," the board further noted.

Schwab had previously revealed in May 2024 that he would be stepping away from his executive responsibilities.

He established the WEF in 1971, and since then, its annual gatherings have primarily been held in Davos, Switzerland, with occasional meetings in other locations.

Peter Brabeck-Letmathe, the temporary head of the international non-profit, is an Austrian business leader. He currently holds the title of chairman emeritus at Nestlé, where he was chairman and CEO between 1997 and 2008.

Beyond Nestlé, Brabeck-Letmathe has also chaired the Formula One Group, which oversees the operations of Formula One racing.

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