Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum (WEF), announced he is stepping back from his executive role.
Schwab, who established the WEF in 1971, revealed his decision in an email to staff on Tuesday, May 21.
Schwab, 86, will transition to the role of non-executive chairman, pending approval from the Swiss government.
While he has not named a successor, Schwab noted that the executive board, led by WEF President Børge Brende, has been managing executive responsibilities over the past year.
Schwab has been synonymous with the WEF, overseeing its growth from its origins as the European Management Forum into a global platform attracting thousands of attendees, including dozens of high-ranking world leaders and CEOs.
Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum (WEF), announced he is stepping back from his executive role. Schwab, who established the WEF in 1971, revealed his decision in an email to staff on Tuesday, May 21.
Schwab, 86, will transition to the role of non-executive chairman, pending approval from the Swiss government. The change is expected to be finalised before the WEF’s annual meeting in 2025.
While he has not named a successor, Schwab noted that the executive board, led by WEF President Børge Brende, has been managing executive responsibilities over the past year. Brende is a former Norwegian conservative leader.
Schwab has been synonymous with the WEF, overseeing its growth from its origins as the European Management Forum into a global platform attracting thousands of attendees, including dozens of high-ranking world leaders and CEOs.
The 2024 meeting in Davos saw over 50 heads of state in attendance.
The WEF operates much like a family enterprise, with Schwab's children in key positions and his wife Hilde overseeing the organisation’s foundation and awards ceremonies. In recent years, the forum has shifted its political stance towards the centre, moving away from its previous liberal focus.
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