World Economic Forum founder and executive chairman Klaus Schwab will be stepping down from his role running the organization he founded in 1971. Schwab announced his intentions in an email to staff on Tuesday, shared with Semafor by a person connected to the organization.
He will transition from executive chairman to non-executive chairman, pending Swiss government approval, with the change expected to be finalized before the WEF’s annual meeting in 2025.
Schwab has not named his successor but noted that over the past year, the group's executive board, led by President Børge Brende, has taken full executive responsibility. Brende is a former Norwegian conservative leader.
The annual WEF meeting in Davos attracts numerous high-ranking world leaders and CEOs, with more than 50 heads of state attending in 2024, according to the organization.
The WEF, though a nonprofit, brought in nearly $500 million in revenue for the year ending March 2023 and had 200 million Swiss francs in cash, Semafor reported last year.
