Klaus Schwab To Step Down At WEF

May 21, 2024

We’ve got some big news from the World Economic Forum, or WEF for short. You might have heard of Klaus Schwab, the founder of the WEF. After more than 50 years running the show, he’s stepping back from his day-to-day role. This marks a significant shift for the organization.

That’s right the guy that looks like a nutty James Bond villain and founder of the organization is suddenly stepping down.

So, what’s the plan moving forward? The WEF announced that they’re changing their management structure as part of a long-term strategy. Instead of being founder-led, the governance will now shift to a president and a managing board. Currently, Børge Brende is serving as the president of the WEF.

One major question remains, though: who’s going to be the new face of the WEF’s annual meeting in Davos, Switzerland? The forum hasn’t disclosed that information yet. There’s been a lot of speculation about who could succeed Schwab, with some people thinking it might be his children or Brende, but nothing is confirmed.

In an official statement to CNBC, the WEF explained that since 2015, they’ve been transforming from just a convening platform to a leading global institution for public-private cooperation. As part of this transformation, they’re moving from a founder-managed organization to one led by a President and Managing Board.

Schwab isn’t disappearing entirely, though. He’s transitioning to a new role as chairman of the board of trustees. The board will be organized around four strategic committees to strengthen the impact of their work. This leadership change is expected to be complete before the next Davos gathering in January 2025.

Mr. Schwab became an internet villain and this sure seems like the WEF is trying to rebrand after their whole, “you’ll own nothing” and love campaign blew up in their face.

Schwab initially shared his plans in an email to staff. At 86 years old, his succession has been a hot topic for a while now. Schwab, who’s both an engineer and economist, started the forum in 1971. It was originally called the European Management Forum, aimed at helping European business leaders and government officials boost their competitiveness with the U.S.

Over time, the annual Davos gathering has become a key event for the global elite. Leaders from around the world come together to tackle important issues or weird stuff like this.

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