Klaus Schwab, founder of the World Economic Forum, plans to step down as executive chairman.
Klaus Schwab, the founder and executive chairman of the World Economic Forum (WEF), plans to step down from his role, according to a report by Semafor. The WEF is known for its annual meetings in Davos, Switzerland, which convene world leaders from finance, technology, and government.
An internal memo cited by Semafor indicates that Schwab, who is 86 years old, communicated his intention to resign in an email to his staff on Tuesday. The memo was obtained and shared with Semafor by an individual connected to the WEF.
As per the report, Schwab's decision to transition to a non-executive chairman role is yet to receive approval from the Swiss government. The approval process is expected to be completed by January 2025, ahead of the WEF's annual meeting. The governance structure of the WEF will also undergo changes as a result of Schwab's departure.
Schwab founded the WEF in 1971. In the year ending March 2023, the WEF brought in nearly $500 million in revenue and reported having 200 million Swiss francs in cash reserves.
The report by Semafor also mentions that Schwab has not yet named a successor for the executive chairman position. However, it does note that Schwab's family members hold high-ranking positions within the organization, with his wife Hilde overseeing the foundation and awards ceremonies in Davos.
The World Economic Forum has not commented on the matter.
