Schwab, who founded the group in 1971, made the announcement in an internal email to staff, which was shared with Semafor. He will remain with the organization and is transitioning to a role as non-executive chairman, a move that is still waiting approval from the Swiss government. As reported by Semafor:World Economic Forum (WEF) founder and executive chairman Klaus Schwab will be stepping down from his position as the organization’s leader.
In a statement, a spokesperson for the Forum said that the organization is “transforming from a convening platform to the leading global institution for public-private cooperation.” The Forum’s governance structure is set to change as a result of that evolution, the spokesperson said, and Schwab “will transition from Executive Chairman to Chairman of the Board of Trustees” by January 2025. Though the controversial WEF leader has not yet named a successor, Norwegian conservative leader President Børge Brende is said to have taken over executive responsibilities. “Since 2015, the World Economic Forum has been transforming from a convening platform to the leading global institution for public-private cooperation,” WEF said in a statement to CNBC. “As part of that transformation, the organization has also been undergoing a planned governance evolution from a founder-managed organization to one where a President and Managing Board assume full executive responsibility,” the statement added. Both Schwab and the WEF have faced criticism over plans for a “Great Reset” of the global economy. The proposal called on global leaders to leverage the 2020 pandemic crisis to “act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions,” as Schwab explained in an article midsummer during the first wave of COVID. "Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed,” he wrote. “In short, we need a 'Great Reset' of capitalism.” The WEF has also faced suspicions tied to its annual meeting in Davos, Switzerland, where leaders from more than 100 governments, along with international organizations, activists, experts, business executives, and news outlets convene to network and discuss global issues. News of Schwab’s retirement was celebrated by advocates for government transparency and systems of governance that are wholly accountable to the people they represent. “Klaus Schwab's retirement serves as a clear signal that the era of Davos-style global elitism is on notice,” Kevin Roberts, President of the Heritage Foundation, said in a post on X. Roberts included a video of remarks he delivered while on stage at a WEF event earlier this year, blasting the world’s elite political class.
Klaus Schwab's retirement serves as a clear signal that the era of Davos-style global elitism is on notice.
Here's what I told the WEF earlier this year 👇 pic.twitter.com/9wAEOKbPkM
— Kevin Roberts (@KevinRobertsTX) May 21, 2024
“President Trump, if he's the next president, for that matter, I think whoever the next conservative president is going to take on the power of the elites, which I mentioned earlier. But, the thing that I wanna drive home here, the very reason that I'm here at Davos is to explain to many people in this room and who are watching, with all due respect, nothing personal, but that you’re part of the problem,” he said.
“Political elites tell the average people on three or four or five issues that the reality is X, when in fact reality is Y,” Roberts continued, challenging policymaking on issues including immigration, climate change, and health.
