The founder and executive chairman of the World Economic Forum (WEF) is clocking out.
According to reports, Klaus Schwab informed his staff on Tuesday that he would be stepping down from the helm of the international organization. The organization has become a lightning rod for controversy in certain circles. Some view the WEF positively, emphasizing the benefits of international cooperation and interconnectedness. However, others, especially in recent years, increasingly associate it with the loss of national sovereignty, economic disparities and the influence of multinational corporations.
However, Schwab isn't completely disengaging from the management of the organization he established 53 years ago, with Semafor reporting that he will probably remain in a non-executive role.
The change in his role is pending approval by the Swiss government:
In a statement, a spokesperson for the Forum said that the organization is “transforming from a convening platform to the leading global institution for public-private cooperation.” The Forum's governance structure is set to change as a result of that evolution, the spokesperson said, and Schwab “will transition from Executive Chairman to Chairman of the Board of Trustees” by January 2025.
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Schwab, 86, is synonymous with the organization that he has managed for more than 50 years.
Initially known as the European Management Forum, early iterations of the event drew far fewer attendees to Davos than the thousands that now ascend to the Swiss mountain town.
Now, the annual WEF meeting in Davos attracts dozens of high-ranking world leaders and CEOs each year, with more than 50 heads of state attending in 2024, according to the organization.
While Schwab has not named his successor, former Norwegian conservative leader Børge Brende, the group's executive board chair, has taken on increasing responsibilities over the past year.
The direct impact of the World Economic Forum (WEF) on U.S. policy is difficult to quantify; however, it plays a crucial role in shaping global discussions and providing a platform for influential leaders to exchange ideas. This has led to policy changes and initiatives that are in line with its priorities. These include the Paris Agreement, which the Biden administration rejoined; regulation of big tech companies; strengthening cybersecurity infrastructure; enforcing environmentally friendly business practices and promoting so-called socially responsible or conscious capitalism.
This is a breaking news story. Please check back for updates.
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