Klaus Schwab, the founder and long-standing Chairman of the World Economic Forum (WEF), has officially stepped down from his leadership role, marking the end of an era that began in 1971 when he established the Geneva-based organization. His decision, effective immediately, was announced on Monday, April 21.
“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,” Schwab stated in the official release from the Forum.
In recognition of Schwab’s contributions over the past 55 years, the Board of Trustees expressed their deep appreciation for his vision and leadership. “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 board stated, reaffirming the Forum’s mission to unite leaders from all sectors and regions in pursuit of global collaboration.
While Schwab’s intention to step down had been reported earlier this month by Reuters, no specific timeline had been provided at that time. A spokesperson then indicated that the transition process would likely be completed by January 2027. However, with the latest announcement, Schwab’s departure has been finalized much sooner than expected.
Leadership Transition
In response to Schwab’s resignation, the World Economic Forum’s Board of Trustees convened on Sunday, April 20. During the meeting, Peter Brabeck-Letmathe was appointed interim chairman. Brabeck-Letmathe will hold the position temporarily until a newly established selection committee identifies a permanent successor.
Who Is Klaus Schwab?
Klaus Schwab is widely recognized as a pioneering figure in global economic thought and cooperation. He launched the World Economic Forum in 1971, which has grown into a global platform employing over 800 staff across offices in Geneva, New York, Beijing, and Tokyo.
Prior to founding WEF, Schwab worked on the shop floor of several industrial companies from 1958 to 1962, followed by a position as Assistant to the Director-General of the German Machine-building Association (VDMA) in Frankfurt. He later joined the management board of Sulzer Escher Wyss AG, a multinational industrial firm based in Zurich.
Academically, Schwab holds doctorates in both Engineering and Economics, and he also earned a Master’s degree in Public Administration, among other academic distinctions.
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Conclusion:
Klaus Schwab’s departure marks a significant leadership transition at one of the world’s most influential platforms for public-private cooperation. As Peter Brabeck-Letmathe steps in as interim chairman, the Forum enters a new chapter, continuing its mission to shape global, regional, and industry agendas through dialogue and collaboration. A permanent chair will be announced following the conclusion of the selection process now underway.