Klaus Schwab to Initiate Exit from World Economic Forum Leadership

Klaus Schwab, founder of the World Economic Forum (WEF), plans to step down as chair, with the process to be finalized by January 2027. Schwab emphasized the need for the WEF to rediscover its mission after recent turmoil. An internal culture investigation cleared the organization of legal violations.

Klaus Schwab, the pioneering founder of the World Economic Forum (WEF), is setting plans in motion to step down from his position as chair of the board of trustees, the Financial Times reports. The transition is expected to complete by January 2027, marking a significant leadership change at the iconic institution.

The WEF, renowned for its annual high-profile gatherings in Davos, Switzerland, is urged by Schwab to regain its 'sense of mission' amid recent upheavals. Though Schwab did not specify the nature of these disruptions, discussions have circled around potentially controversial issues, including reactions to political changes and internal cultural assessments.

A recent investigation, prompted by allegations of harassment and discrimination, found no legal violations within the organization or misconduct by Schwab, echoing last year's internal efforts to review the workplace environment thoroughly. Schwab highlighted the forum's robust financial standing, attributing it to successful management since its establishment in 1971.

(With inputs from agencies.)