Klaus Schwab steps down from WEF Leadership role

The World Economic Forum (WEF) announced on Monday that its founder, Klaus Schwab, has stepped down from its board, marking the end of an era for the organisation best known for its annual meeting of wealthy, powerful, and high-profile figures in the Swiss resort town of Davos. Schwab, who turns 88 this year, informed the board of his decision, stating: “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.” Having already relinquished his role as executive chairman last year, Schwab had passed daily management duties to Børge Brende, a former Norwegian foreign minister. Vice Chairman Peter Brabeck-Letmathe will assume the role of interim chairman while a search committee identifies a permanent successor. The board commended Schwab’s “outstanding achievements” during his 55-year tenure leading the Forum. “In an era of rapid global transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more vital,” the Forum stated. “The WEF will continue to bring together leaders from all sectors and regions to exchange ideas and foster collaboration.” A Legacy of Influence Born in Ravensburg, Germany, on 30 March 1938, Schwab studied in Switzerland and the United States, earning doctorates in engineering and economics, along with numerous honorary degrees. He founded the WEF’s precursor, the European Management Forum, in 1971 while a business professor at the University of Geneva. That inaugural meeting attracted fewer than 500 attendees. Today, the event draws thousands annually. Schwab broadened the scope of the gathering to include political leaders, NGOs, trade unions, and civil society, turning Davos into a prestigious global platform for networking and policy discussions. The WEF has since added regional meetings and established centres focusing on issues such as climate change, supply chains, energy, cybersecurity, and financial systems. The Forum describes itself as “a global, impartial, and not-for-profit platform” that fosters cooperation and innovation among diverse stakeholders, with a mission of “improving the state of the world.” Controversy and Criticism The WEF has long faced criticism for promoting elite interests behind closed doors. The term “Davos Man” has come to symbolise the global elite often seen as detached from ordinary concerns. Schwab and the Forum have also attracted conspiracy theories, particularly after he dubbed the post-pandemic summit “The Great Reset,” which some misrepresented as a nefarious globalist agenda. Social media has been rife with disinformation falsely claiming that Davos meetings serve as a stage for decisions on global catastrophes and sinister agendas. Elon Musk, the billionaire owner of X, even quipped that Schwab “wants to be emperor of Earth.” Ironically, in its most recent global risk report, the WEF cited misinformation and disinformation as the most pressing short-term risks facing the world.