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Klaus Schwab, the founder and long-time face of the World Economic Forum (WEF), has stepped down as Chairperson and member of its Board of Trustees with immediate effect, the Geneva-based organization announced on Monday.
In a message to the board, Schwab said, “Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect.”
According to PTI, Schwab’s departure marks the end of an era for the WEF, which he established 55 years ago as a platform for global public-private cooperation. He has remained its central figure ever since.
At an extraordinary board meeting held on Sunday, the board acknowledged Schwab’s resignation and unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim, the WEF said in a statement.
A Search Committee has been established to identify a successor who will lead the Forum into its next phase.
The WEF board paid tribute to Schwab’s “outstanding achievements,” describing him as the architect of the world’s foremost global platform for dialogue and progress. “The Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum,” the statement said.
Best known for its annual meeting in Davos, Switzerland, the WEF draws top leaders from governments, businesses, academia, and civil society across the globe, including India.
As reported by PTI, the current WEF Board of Trustees includes prominent global figures such as Reliance Industries Chairman Mukesh Ambani, World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, European Central Bank President Christine Lagarde, WTO Director-General Ngozi Okonjo-Iweala, and Singapore President Tharman Shanmugaratnam, among others.
The Forum underlined the ongoing importance of its mission. “At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF said.
The board reaffirmed its commitment to maintaining the Forum’s role as a trusted convener, continuing to bring together leaders from all sectors to share insights and foster global cooperation.
Who is Klaus Schwab ?
- Klaus Schwab, born on March 30, 1938, in Ravensburg, Germany, is a German economist, engineer, and academic best known as the founder of the World Economic Forum (WEF)—a role he held for over five decades.
- In 1971, Schwab launched the WEF (initially the European Management Forum) as a platform to foster dialogue between political, business, and civil society leaders, with the mission to “improve the state of the world.” Under his leadership, it became the world’s leading international organization for public-private cooperation, as per WEF website.
- In 1998, together with his wife Hilde, he co-founded the Schwab Foundation for Social Entrepreneurship, which supports and promotes innovative social enterprises around the world that address critical societal challenges.
- Using the Dan David Prize money he received in 2004, Schwab founded the Forum of Young Global Leaders (YGL)—a multistakeholder community of exceptional young leaders aged 30 to 40 working to shape a more sustainable and inclusive world.
- Continuing his focus on youth engagement, Schwab launched the Global Shapers Community in 2011, targeting individuals aged 20 to 30. It now has over 450 hubs globally, empowering young changemakers to drive impact in their communities.
- Schwab holds multiple academic degrees, including doctorates in engineering and economics, and a Master of Public Administration from Harvard University. He has also served as a professor of business policy at the University of Geneva for over 30 years.
- He is widely recognized as a pioneer of key global concepts, such as stakeholder capitalism, the multistakeholder approach, public-private partnerships, and the
Fourth Industrial Revolution , which he explored in his bestselling book The Fourth Industrial Revolution (2016). - Over the years, Schwab has received more than a dozen honorary doctorates from global institutions, and prestigious national honors from countries including Germany, France, Japan, the UK (KCMG knighthood), and China.
- He has been honored with numerous awards for leadership and humanitarian work, including the Guggenheim Humanitarian Award, the Dan David Prize, and the Global Economy Prize. Most recently, in 2024, he received the Lifetime Achievement Award from the Confederation of Indian Industry (CII).
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