Klaus Schwab, founder of the World Economic Forum and longtime figurehead of its annual summit in Davos, has officially stepped down as chair of the organization’s board of trustees.
His resignation, effective immediately, was announced Monday by the Geneva-based WEF. The WEF board accepted Schwab’s resignation during a meeting held on April 20. Vice Chairman Peter Brabeck-Letmathe will serve as interim chair while the search for a permanent successor is underway.
“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 forum did not provide a reason for his departure.
Schwab, who was born in Germany, founded the WEF in 1971 to bring together top business leaders and policymakers to address pressing global challenges. Over the years, Davos evolved into a key international gathering each January, attracting political leaders, CEOs, and celebrities to the small Swiss resort town.
Often seen as a symbol of globalization, the forum has drawn increasing criticism in recent years from both left- and right-wing detractors who view it as disconnected from the concerns of everyday people. Schwab foresaw such backlash decades ago. In a 1996 opinion piece co-written with Claude Smadja, he warned, “A mounting backlash against [globalization’s] effects, especially in the industrial democracies, is threatening a very disruptive impact on economic activity and social stability in many countries.”
