Klaus Schwab, founder of the World Economic Forum, announced today his resignation as chairman of the board of trustees. The WEF revealed that, at an extraordinary board meeting on April 20, the board of trustees took note of the resignation of Schwab.
“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,” said Schwab in a statement.
In accordance with the forum’s rules and regulations, the board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim. It also established a search committee for the selection of a future chair.
55 years of leadership
Announcing Schwab’s resignation, the WEF said, “The Board acknowledged the outstanding achievements of the retired Chairman and Founder of the World Economic Forum, Klaus Schwab. 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 Forum.”
It added: “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 World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab establishes WEF in 1971
In 1970, Klaus Schwab left the Swiss industrial group Escher Wyss to organize a two-week conference in the Swiss Alps. The first “European Management Forum” was held in Davos, Switzerland, in February 1971. Around 450 participants from 31 countries, managers from various companies in Europe, as well as members of the European Commission, and leading academics from U.S. universities, gathered in the Alpine valley to discuss better management techniques.
Klaus Schwab established the World Economic Forum in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues. Schwab, an engineer and economist, founded the not-for-profit foundation under the supervision of the Swiss Federal Government to promote stakeholder capitalism. He chose Davos as the home for the WEF’s annual meeting.
Over the last fifty years, Davos has addressed the key events of world history, from the fall of the Berlin Wall to the rise of economic globalization and runaway climate change. It has helped avert a war between Greece and Türkiye, built economic bridges around the world, hosted a handshake that sealed the end of apartheid, launched an alliance that has vaccinated more than one billion children, and given a platform to leading environmentalists.
