By M10News | April 20, 2025
GENEVA — Klaus Schwab, the German economist who founded the World Economic Forum (WEF) more than 50 years ago, has officially stepped down from his role as chair of the board of trustees, the organization announced today.
Schwab, 87, leaves behind a legacy that transformed the WEF’s annual Davos gathering into one of the world’s most influential platforms for global leaders, business executives, and civil society to address pressing international issues.
His departure, while anticipated following earlier statements from the Geneva-based forum, coincided with global attention focused on the death of Pope Francis.
“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 formal statement.
The WEF has confirmed that vice chairman Peter Brabeck-Letmathe will serve as interim chair until a permanent successor is appointed.
A Vision That Shaped Global Dialogue
Born in Germany in 1938 during the Nazi era, Schwab pursued careers in engineering and business policy, eventually becoming a professor. In 1971, he founded the World Economic Forum with a vision to bring together political and business leaders to address global challenges through dialogue and cooperation.
The inaugural meeting in Davos, Switzerland, drew European business executives. Over time, the forum grew to become a symbol of elite global discourse, drawing presidents, CEOs, activists, and cultural figures.
A Stage for Controversy and History
Throughout its history, the Davos summit has seen both landmark events and controversial moments. One of its most iconic gatherings occurred in 1992, when then-South African President Frederik Willem de Klerk met with anti-apartheid leader Nelson Mandela — a moment seen as pivotal in South Africa’s transition to democracy.
More recently, the forum has been targeted by climate activists, including Greta Thunberg, who criticized global leaders for insufficient action on environmental crises. Her stark remarks at Davos highlighted the growing tension between youth climate advocates and traditional power structures.
The forum also made headlines in past years for high-profile appearances by figures like Donald Trump, whose entourage — including a motorcade and helicopters — symbolized a sharp contrast to Davos’ calls for sustainability.
Legacy and the Future
Under Schwab’s leadership, the WEF became both a symbol of global cooperation and a lightning rod for criticism, with detractors pointing to the exclusivity and elitism associated with its annual meetings. Still, Schwab maintained that the forum served as a critical space for “stakeholder capitalism,” advocating for businesses to serve broader societal goals.
With Schwab’s resignation, the future direction of the WEF now lies in the hands of a new generation of leadership.
Despite the transition, the Davos summit will proceed as scheduled, continuing its role as a global think tank for world affairs — now without the man who spent more than five decades at its helm.
