Founder of WEF Steps Down from Leadership

(MENAFN) Klaus Schwab, the founder of the World Economic Forum (WEF), widely recognized as the Davos Summit, has relinquished his role as chairman and board member of the organization, according to an announcement made on Monday.

In a formal statement, Schwab declared, "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." This marks the end of an era for the Forum, which he led for over five decades.

The board of the WEF responded by unanimously choosing Vice Chairman Peter Brabeck-Letmathe to act as interim chairman. In addition, a selection committee has been formed to identify a suitable candidate to assume the role of permanent chair in the future.

The Forum’s board paid tribute to Schwab, highlighting his exceptional contributions over the years. "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 read, emphasizing the pivotal role Schwab played in establishing the Forum as a premier venue for international engagement.

Recognizing the current era of fast-paced global change, the board underscored the enduring importance of the Forum’s mission. "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 statement continued.

The trustees reaffirmed their dedication to the Forum’s principles, stating that the organization will persist in its role as a catalyst for progress, uniting leaders from all regions and sectors to share perspectives and encourage cooperation.

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