Klaus Schwab Resigns as World Economic Forum Chair Amid Controversies

Klaus Schwab, founder of the World Economic Forum (WEF), has resigned as chair of its trustees with immediate effect, ending his decades-long leadership of the organization that became synonymous with the annual Davos meetings. The WEF board accepted Schwab’s resignation at an extraordinary meeting, naming Vice Chairman Peter Brabeck-Letmathe as interim chair while a search for a permanent successor begins. Schwab, who established the WEF in 1971, was widely regarded as an advocate for globalization, but in recent years the Davos summit has faced criticism as an elitist event detached from everyday concerns. The organization has also grappled with internal allegations of harassment and discrimination, which it has denied, and has faced mounting challenges from global geopolitical tensions and criticisms of its workplace culture. Schwab’s sudden departure was earlier than expected, as the WEF had previously indicated he might step down by 2027, and comes at a time when the forum is navigating both internal upheaval and external skepticism. Despite the controversies, the WEF board praised Schwab’s legacy and emphasized the continued importance of dialogue among leaders to address global complexities.