- Klaus Schwab, aged 88, retired immediately as president and board member of the World Economic Forum after 55 years, with Peter Brabeck-Letmathe, former president of the Swiss group Nestlé, appointed interim president on April 20 amid a search for a permanent successor.
- The WEF faces challenges from a trade war and internal allegations of discriminatory treatment, prompting an investigation, as it reaffirms its mission for inclusive global dialogue in a shifting world order.
Klaus Schwab, the 88-year-old founder and president of the World Economic Forum (WEF), has abruptly retired from his roles as president and board member, effective immediately, as announced by the organization, marking the end of his 55-year leadership of the Davos-based institution. The decision, formalized at an extraordinary board meeting on April 20, comes amid a shifting global landscape that challenges the WEF’s advocacy for globalization and trade liberalization, as well as internal controversies over alleged discriminatory treatment and harassment, prompting an ongoing internal investigation. Peter Brabeck-Letmathe, former Nestlé president and current WEF vice president, has been unanimously appointed interim president, while Borge Brende, former Norwegian minister, continues as chief executive, and a Search Committee has been established to select a permanent successor.
Schwab’s departure, which he attributed to his age without elaborating further, coincides with heightened global tensions, including a trade war intensified by U.S. policies under President Donald Trump, though the WEF’s statement avoids direct reference to these dynamics. The board acknowledged Schwab’s legacy in creating a premier platform for global dialogue, emphasizing the Forum’s commitment to fostering inclusive collaboration among leaders from diverse sectors to navigate an increasingly complex world. The WEF’s mission to drive progress through dialogue remains critical, particularly as economic nationalism and protectionist policies, such as tariffs announced on April 2, challenge its core principles. Schwab’s exit, coupled with internal scrutiny and external pressures, underscores a pivotal moment for the Forum as it seeks to maintain relevance and adapt to a rapidly transforming global order under interim leadership.
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