Klaus Schwab Resigns as WEF Chair after Five Decades

Klaus Schwab, the 87-year-old founder of the World Economic Forum (WEF), has resigned as Chair and Board Trustee, concluding over five decades of leadership. His resignation was accepted by the WEF board during an extraordinary meeting on April 20, 2025. Peter Brabeck-Letmathe, former Nestlé Chairman and CEO, has been appointed interim chairman while a search committee is formed to find Schwab’s permanent successor.

Schwab established the WEF in 1971, transforming its annual Davos meeting into a prominent global event symbolizing globalization. Under his leadership, the forum hosted numerous world leaders, including Xi Jinping, Vladimir Putin, and Donald Trump, emphasizing the importance of inclusive dialogue during times of global transformation.

In recent years, the WEF faced criticism for being elitist and disconnected from ordinary people. Reports have also scrutinized the forum’s internal culture, including allegations of harassment and discrimination, which the WEF denies. An external legal review found no evidence of legal violations or misconduct by Schwab but highlighted management issues not meeting established standards. In response, the WEF has pledged to revamp its workplace culture, enhance its code of conduct, and provide mental health resources.

Schwab's departure signals a significant transition for the WEF amid evolving global dynamics. The appointment of Peter Brabeck-Letmathe as interim chairman suggests a continuation of leadership with strong ties to the corporate world, given his extensive experience at Nestlé. The search for a permanent successor will be crucial in determining the future trajectory of the WEF and its role in addressing complex global challenges through collaboration and idea exchange.

This leadership change marks a pivotal moment for the WEF as it continues to address complex global challenges through collaboration and idea exchange.