World Economic Forum founder Klaus Schwab steps back from executive post
SUMMARY
World Economic Forum (WEF) founder and executive chairman Klaus Schwab announced he will step back from his role, transitioning to a non-executive chairman pending Swiss government approval before the 2025 annual meeting. In an email to staff shared with Semafor, Schwab, 86, noted that the executive board, led by President Børge Brende, has assumed full executive responsibility. Schwab did not name a successor. The WEF, founded in 1971 as the European Management Forum, has evolved significantly under Schwab's leadership, now drawing thousands of attendees, including over 50 heads of state in 2024. Despite its nonprofit status, the WEF reported nearly $500 million in revenue for the year ending March 2023, with substantial cash reserves.
