Klaus Schwab Steps Down as WEF Chairman After 50 Years

Klaus Schwab, the 87-year-old founder and chairman of the World Economic Forum (WEF), has announced his immediate resignation from both positions, concluding over five decades of leadership at the organization. In a statement released on April 21, 2025, Schwab said, "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."

The WEF's Board of Trustees convened an extraordinary meeting on April 20, 2025, to address Schwab's resignation. During this meeting, the Board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as interim Chairman and established a search committee to select a permanent successor.

Schwab founded the WEF in 1971, creating a platform for policymakers and top corporate executives. Under his leadership, the annual meetings in Davos, Switzerland, evolved into a prominent forum for global dialogue, attracting political leaders, CEOs, and celebrities to discuss pressing international challenges.

In recent years, the WEF has faced criticism for being elitist and disconnected from ordinary people. Additionally, the organization has been scrutinized following whistleblower allegations of financial impropriety and a toxic work environment. An internal investigation found no evidence of "material wrongdoing" by Schwab or his wife, Hilde.

Schwab's departure marks a significant transition for the WEF as it navigates these challenges and seeks new leadership to guide its future direction.