Klaus Schwab, the founder and long-standing leader of the World Economic Forum (WEF), has announced his decision to step down from the helm of the organization after more than 50 years in charge. This move marks a significant shift in the governance of the influential global institution, renowned for its annual gathering in Davos.
According to a statement released by the WEF, this transition is part of a multi-year strategy to change its leadership structure by transferring powers to its President Borge Brende and the Board of Directors. Since its inception in 1971 by Schwab, a German engineer and economist, the Forum has evolved from a mere platform for networking into a pivotal institution for public-private cooperation.
The WEF stated, “Since 2015, the World Economic Forum has transformed from a convening platform to a leading global institution for public-private cooperation. As part of this transformation, the organization has also undergone a planned evolution in governance from a founder-led body to one where the President and the Board of Directors assume full executive responsibilities.”
Klaus Schwab will assume the role of Chairman of the Board, with the management changes expected to be completed by the next Davos meeting in January 2025. This strategic overhaul underscores the Forum’s commitment to maintaining its relevance and effectiveness in fostering global cooperation among business, political, and societal leaders.