Davos director resigns from position
(MENAFN) Klaus Schwab has announced his resignation as chairman of the World Economic Forum (WEF), marking the end of his more than 50-year leadership of the organization he founded in 1971. The news was shared on Monday after an extraordinary board meeting, with Schwab, now 87, stating that he would step down as chair and board member as he approaches his 88th year.
Schwab, a German-born engineer and economist, established the WEF to foster public-private cooperation and promote global collaboration. Over his tenure, he transformed the annual Davos gathering into a key platform for political, business, and cultural leaders to discuss global challenges, from climate change to inequality.
Despite the WEF's growth and influence under his leadership, Schwab's tenure also faced criticism, with accusations of elitism and disconnect from broader public concerns. He had long warned about the risks of globalization backlash, predicting the rise of populism as a response to economic instability in industrial democracies.
In Schwab's absence, Peter Brabeck-Letmathe, former CEO of Nestlé, will serve as interim chair while a search for a permanent successor begins.
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