German Klaus Schwab, the founder and chairman of the Board of Trustees of the World Economic Forum.
Image: Salvatore Di Nolfi
Klaus Schwab, chairman of the Board of Trustees and founder of the World Economic Forum (WEF), has decided to step down.
“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 said in a statement.
At an extraordinary board meeting on April 20, the board took note of Schwab's resignation and unanimously appointed vice chairman Peter Brabeck-Letmathe as chairman ad interim.
It also established a search committee for the selection of a future chair.
The board acknowledged the outstanding achievements of the retired chairman and founder of the WEF. The forum did not say why Schwab was stepping down.
He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of "relentless leadership at the helm of the WEF."
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical. The Board of Trustees of the WEF underlines the importance of remaining steadfast in its mission and values as a facilitator of progress,” the WEF said.
He established the WEF in 1971, and today it is the foremost global multistakeholder organisation, employing more than 800 people in Geneva, New York, Beijing, and Tokyo. It is best known for its annual meeting in Davos, Switzerland, where business leaders, politicians, economists, and other influential figures gather to discuss global issues.
BUSINESS REPORT