According to the official release, World Economic Forum (WEF) President Klaus Schwab decided to step down on Monday, April 21, after 55 years of service at the Geneva-based institution.
Following my recent announcement, and as I enter my 88th year, I have decided to step down as President and as a member of the Board of Trustees, effective immediately, Schwab said, according to the official announcement.
The Trustees also acknowledged the achievements of Klaus Schwab and expressed their gratitude for establishing the institution, serving for 55 years and leading the Forum globally.
“At a time when the world is undergoing rapid change, the need for inclusive dialogue to deal with complexity and shape the future has never been more important,” he said, assuring people that the forum will continue to bring together people from all walks of life and regions to bring about a change in insights and foster collaboration.
Earlier this month, a WEF spokesperson said Schwab would “begin the process” of stepping down as chairman of its board of trustees, Reuters reported. No timeline was given at the time, but the spokesperson said the process should be completed by January 2027.
Who is the new president of WEF?
According to the announcement, WEF’s Board of Trustees has appointed Peter Brabeck-Letmathe as the interim president of the institution until they find a future president through a selection committee process.
The board meeting of the World Economic Forum took place on Sunday, April 20, where the trustees looked into Schwab’s resignation and thereafter they appointed Peter Brabeck-Letmathe as the interim president.
Who is Klaus Schwab?
Klaus Schwab is the outgoing president and founder of the World Economic Forum (WEF). According to data collected from the official website, in 1971, Schwab founded this institution, which currently employs more than 800 people in Geneva, New York, Beijing and Tokyo.
Schwab worked with several companies from 1958 to 1962, then became an assistant to the director general of the German Machine-Building Association (VDMA) in Frankfurt.
After serving for about three years in Frankfurt, he became a member of the managing board of Sulzer Escher Wyss AG, Zurich, a manufacturing company with activities in several countries and with more than 10,000 employees.
In the field of education, Klaus Schwab holds a doctorate in engineering, a doctorate in economics, and a master’s degree in public administration, among other academic achievements.
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