Klaus Schwab Cleared: WEF Investigation Concluded, Leadership Reorganized

The World Economic Forum closed its investigation into founder Klaus Schwab, clearing him of wrongdoing. BlackRock CEO Larry Fink and Roche Holding's Andre Hoffmann were appointed as interim co-chairs. Allegations of misconduct were proven unfounded. Schwab plans to withdraw legal actions against whistleblowers. WEF's leadership aims for reinvention.

The World Economic Forum (WEF) has concluded its investigation into allegations of misconduct against founder Klaus Schwab, declaring him free of any wrongdoing. The Geneva-based organization appointed BlackRock CEO Larry Fink and Roche Holding's vice-chair Andre Hoffmann as interim co-chairs following the probe's closure.

The investigation, which began in April after an anonymous whistleblower letter, examined claims about the 87-year-old Schwab's involvement in governance irregularities. Despite the initial allegations, the WEF found no evidence of material misconduct. Schwab's wife, Hilde Schwab, was also vindicated, with the organization attributing minor irregularities to blurred lines between personal and forum activities.

After announcing the findings, a Schwab representative indicated the withdrawal of lawsuits against the whistleblowers. The newly appointed co-chairs aim to steer the WEF towards a reimagined future, amid criticisms of the Davos meeting as an elitist forum disconnected from everyday issues.

(With inputs from agencies.)