The World Economic Forum (WEF) announced on Monday that its founder, Klaus Schwab, will step down from his role as the chair of the WEF board of trustees, effective immediately. Schwab, who has led the organization for over five decades, made the decision as he approaches his 88th year.
In a statement released by the WEF, Schwab expressed gratitude for the opportunity to lead the institution and emphasized that his decision to step down comes after careful consideration of his age and the organization's future needs. He stated, "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 founded the WEF in 1971, and under his stewardship, it evolved from a small gathering of European business leaders into a prominent global platform for discussing economic, environmental, and social issues. The WEF’s flagship event, the annual meeting in Davos, Switzerland, has become one of the most significant international summits, attracting political leaders, business magnates, and intellectuals from around the world.
The organization expressed profound appreciation for Schwab’s 55 years of leadership, highlighting his pivotal role in transforming the WEF into a platform that facilitates dialogue and progress on the world’s most pressing issues. Schwab’s vision and leadership have been instrumental in shaping the WEF’s agenda, which includes initiatives addressing climate change, global economic stability, and advancing technological innovation.
As Schwab steps down, questions around his successor and the future direction of the WEF are likely to take center stage. While Schwab’s departure marks the end of an era for the WEF, the organization’s commitment to fostering global collaboration and addressing critical global challenges remains central to its mission.
