Klaus Schwab Steps Down as WEF Chairman

Klaus Schwab, founder and longtime chairman of the World Economic Forum (WEF), has stepped down with immediate effect as he enters his 88th year, ending over 50 years of leadership after initially signaling a more gradual transition. The WEF board has unanimously appointed Vice Chairman Peter Brabeck-Letmathe, former CEO of Nestlé, as interim chairman and begun the search for a permanent successor. Schwab is credited with founding the influential Davos meetings and launching initiatives like the 'great reset' of capitalism. The board highlighted the ongoing importance of the Forum's mission to promote inclusive dialogue and global progress. Schwab's departure marks a transformative moment for the WEF, which has become a prominent convening space for global leaders. Despite persistent public criticism and conspiracy theories, the WEF's annual Davos summit continues to be a central event for the international elite.