Klaus Schwab has resigned as Chair of the World Economic Forum, ending over 50 years at its helm.
The WEF announced the 87-year-old’s immediate departure on Monday, following a prior notice earlier this month that he would step down.
“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 said in a statement.
The board accepted his resignation at an extraordinary meeting on 20 April. Vice Chairman Peter Brabeck-Letmathe will serve as interim chair while a successor is sought.
Schwab founded the WEF in 1971 to bring global business and political leaders together to address international issues. The annual Davos summit became a high-profile event in global politics and economics.
However, the Forum has faced growing criticism in recent years, with some labelling it an elitist gathering disconnected from everyday concerns. Reports of internal workplace issues have also emerged—claims the WEF denies.
Once a champion of globalisation, Schwab warned as early as 1996 of a backlash, writing, “The mood in these democracies is one of helplessness and anxiety.”
