Klaus Schwab, the founder and executive chairman of the World Economic Forum, will be stepping down from his role in leading the global event, which he established in 1971.
Schwab revealed his plans in an email to staff on Tuesday, which was shared with Semafor by a source within the organization.
He announced that he will step down as executive chairman and transition to a role as non-executive chairman. He added that this change is pending approval by the Swiss government but is expected to be finalized before the WEF’s annual meeting in 2025.
Schwab has not yet named his successor but stated that over the past year, the group’s executive board, “under the leadership of President Børge Brende, has taken full executive responsibility.”
Brende is a former Norwegian conservative leader.
Schwab, 86, is synonymous with the organization he has led for over 50 years.
Originally called the European Management Forum, the early versions of the event attracted significantly fewer attendees to Davos compared to the thousands who now flock to the Swiss mountain town.
Today, the yearly WEF gathering in Davos draws in dozens of top world leaders and CEOs annually. In 2024, over 50 heads of state were reported to have attended, as per the organization.
The Forum functions akin to a family enterprise, with Schwab’s children holding key positions, and his wife Hilde overseeing the organization’s foundation and awards ceremonies in Davos.
In recent times, the Forum has shifted its focus toward the center, moving away from liberal politics.
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Klaus hopes retirement will avoid his greatly deserved noose.
Fat chance!