Klaus Schwab steps down as WEF Chairperson after 55 years
What's the story
Klaus Schwab, founder of the World Economic Forum (WEF), has stepped down as Chairperson and Board of Trustees member.
The Geneva-based organization announced the development today.
Schwab's exit marks the end of an era for the WEF, which he founded 55 years ago as a platform for global public-private cooperation. He had been its face ever since.
Legacy
Schwab's departure marks end of an era
The board noted Schwab's resignation during an extraordinary meeting yesterday, and unanimously appointed Vice Chairman Peter Brabeck-Letmathe as interim Chairman.
They also set up a search committee to find a successor who will lead the Forum into its next phase.
The board thanked Schwab for his "relentless leadership at the helm of the Forum" over five decades.
Global cooperation
WEF's annual meeting in Davos draws global leaders
The WEF is famous for its annual meeting in Davos, Switzerland, which brings together top leaders from governments, academia, businesses, and civil society worldwide.
The current WEF Board of Trustees features prominent global personalities, including Reliance Industries Chairperson Mukesh Ambani and IMF Managing Director Kristalina Georgieva.
The Forum emphasized the continued relevance of its mission in the face of rapid global transformation.