Klaus Schwab Steps Down After 55 Years at the Helm of WEF

Klaus Schwab, founder of the World Economic Forum, announced his immediate resignation as Chairperson and member of the board of trustees. Schwab led the WEF since its inception 55 years ago. His role will be temporarily filled by Vice Chairman Peter Brabeck-Letmathe. A Search Committee for a new Chair has been formed.

Klaus Schwab, the visionary founder of the World Economic Forum (WEF), announced on Monday that he will be stepping down immediately as Chairperson and a member of the board of trustees. Schwab, who has been a defining presence for the organization since its founding 55 years ago, decided to resign as he approaches his 88th birthday.

During an extraordinary board meeting on Sunday, the board officially acknowledged Schwab's resignation and entrusted the position to Vice Chairman Peter Brabeck-Letmathe in the interim. Additionally, a Search Committee has been formed to identify Schwab's successor as the next Chair.

The WEF, known for its annual meeting in Davos, is a platform for public and private collaboration, and its board of trustees is comprised of global dignitaries like Mukesh Ambani and Ajay Banga. The organization emphasized the continued need for inclusive dialogue amidst rapid global transformations.

(With inputs from agencies.)