Klaus Schwab, The Founder Of The World Economic Forum, Steps Down as Chairman after 55 Years

The founder of the WEF, Klaus Schwab, steps down as WEF chairman after 55 years. The founder and long-time face left the Board of Trustees immediately, and the Geneva-based organisation declared on Monday. 

In a message to the board, Mr.Schwab states that as he is entering his 88th birthday, he has decided to step down from the chairperson position and as a member of the Board of Trustees immediately. 

As per PTI, the departure of Klaus Schwab marks the end of an era for the WEF. He established the era 55 years ago as a global public-private corporation platform. Since then, he has been the central figure of WEF. 

On Sunday, in an extraordinary board meeting, the WEF board acknowledged Schwab’s resignation. The board appoints the Vice Chairman, Peter Brabeck Letmathe, as chairman ad interim. 

The WEF said in a statement that a Search Committee has been founded to find a successor who can lead the forum into its next phase. The board has paid tribute to Mr. Schwab’s “outstanding achievements”. The board describes him as the builder of the WEF(World Economic Forum) for dialogue and progress.

In a statement, the board has expressed its gratitude towards Schwab for his 55 years of relentless leadership at the helm of the Forum. 

Mr. Schwab founded the WEF in 1971 to form a forum for top corporate executives and policymakers to handle major global issues.  

The present WEF Board of Trustees includes leading global figures such as  Reliance Industries Chairman Mukesh Ambani, IMF Managing Director Kristalina Georgieva, and World Bank President Ajay Banga. European Central Bank President Christine Lagarde, Singapore President Tharman Shanmugaratnam, WTO Director General Ngozi Okonjo Iweala, and more.

The board reaffirms its commitment to carrying on the Forum’s role as a trusted convener. It also states that it will continue to bring together leaders from all sectors to share insights and foster global cooperation.