Klaus Schwab Steps Down as WEF Chair: A New Era for Global Dialogue

Klaus Schwab, the visionary founder of the World Economic Forum (WEF), has announced his resignation as Chairman and Board Trustee, marking the end of more than five decades at the helm of the Geneva-based organization. His departure represents a major transition for the WEF, which has become globally recognized for its annual meetings in Davos, Switzerland, where world leaders gather to tackle key global issues.

A Lasting Legacy of Global Dialogue

Schwab founded the WEF in 1971 with the goal of bringing together policymakers, business leaders, and academics to collaboratively address global challenges. Under his leadership, the Forum grew into a key platform for international dialogue on economic development, sustainability, and cooperation. The Davos meetings came to symbolize the spirit of globalization, drawing prominent voices from across the public and private sectors.

A New Era in Governance

As part of its ongoing transformation, the WEF announced that Schwab will step down as Executive Chairman and transition to the role of Chairman of the Board of Trustees by January 2025. This move is part of a broader effort to modernize the organization’s governance structure—shifting executive leadership to a President and Managing Board. The WEF noted that the change is intended to strengthen its ability to respond to today’s complex global landscape.

Interim Leadership in Place

In the wake of Schwab’s resignation, Peter Brabeck-Letmathe, former Chairman and CEO of Nestlé, has been named interim Chairman. Brabeck-Letmathe’s international business acumen and leadership experience will help steer the organization through this important period. Meanwhile, the WEF Board has begun the process of identifying a long-term successor to ensure continuity of its mission and impact.

The Schwab Family’s Continuing Role

Although Schwab is stepping back from executive duties, his family remains deeply involved in the WEF’s activities. His wife, Hilde, continues to oversee the WEF Foundation and its awards programs. His son, Olivier Schwab, holds the position of Managing Director, and his daughter, Nathalie, serves on the executive committee, co-leading nature-focused initiatives.

Looking to the Future

As the World Economic Forum enters this new phase, it remains dedicated to its founding mission of advancing global progress through inclusive dialogue and collaboration. The leadership transition presents a chance for the WEF to evolve further and continue serving as a vital platform for addressing the world’s most urgent challenges.