A New Era Begins: Klaus Schwab Steps Down

On April 22, 2025, Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation after more than fifty years of dedicated leadership. Peter Brabeck-Letmathe, who served as the vice chairman of the organization, has been appointed as interim chair until a permanent replacement is found.

Schwab, now 87 years old, made his decision known in a statement where he remarked, ‘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.’ This transition had been anticipated after Schwab indicated last year that he would be stepping back from an active leadership role.

A Historical Legacy

The WEF, which originated in 1971 as a management symposium in Davos, Switzerland, has evolved into a premier gathering for world leaders, business executives, and experts to address pressing global issues. The annual meeting attracts media attention, and political scrutiny, characterized by both influential discussions and criticism regarding its perceived elitism.

Despite the organization’s mission of promoting global cooperation under the slogan ‘committed to improving the state of the world’, it has faced accusations of being disconnected from the everyday experiences of ordinary citizens. Schwab’s leadership, while pioneering, has also been marred by debates about the inclusivity of the Forum.

The Search for a New Leader

As Brabeck-Letmathe steps into the role of interim chair, the WEF’s board will begin a comprehensive search for a new chairperson. The esteemed board includes notable figures such as Mukesh Ambani, Ajay Banga, and Al Gore, all of whom will play roles in shaping the future of the Forum. Schwab’s departure signals a pivotal moment for the WEF as it moves forward in an increasingly complex global landscape.

Conclusion

Schwab’s resignation is a major shift, representing not just the end of his tenure but also an opportunity for renewal within the WEF. Will the next chapter of the World Economic Forum foster a more inclusive and engaged dialogue among global leaders? Time will tell.