Klaus Schwab Steps Down: The Changing Face of Globalization's Cheerleader

Klaus Schwab, founder of the World Economic Forum, resigned as chairman of its trustees. Known for Davos forums, Schwab's departure marks a shift amid criticism of WEF as elitist. Peter Brabeck-Letmathe steps in as interim chair. Schwab foresaw globalization challenges, highlighting concerns over economic disruption and populism.

Klaus Schwab, the influential founder of the World Economic Forum, has officially resigned as chairman of its trustees, a decision that signals the end of an era for the annual Davos gathering, long synonymous with global economic discussions and the globalization movement.

The announcement came from the WEF's Geneva-based headquarters on Monday, coinciding with Schwab's 88th year, although the forum has not disclosed the specific reasons behind his sudden departure. Vice Chairman Peter Brabeck-Letmathe will step in as interim chairman during the search for Schwab's successor.

Founded in 1971, the Davos meeting became a hallmark event, attracting politicians, CEOs, and celebrities. Despite its stature, the forum faces criticism over its elitist nature and internal culture. Schwab, who predicted a backlash against globalization, highlighted growing threats to economic and social stability worldwide.

(With inputs from agencies.)