Klaus Schwab, 87, the founder and long-time figurehead of the World Economic Forum (WEF), has resigned as chairman, marking the end of an era for the organization he created in 1971. His departure was announced on 20 April 2025, following an extraordinary board meeting, according to a WEF official statement. Interim CEO Peter Brabeck-Letmathe, a former Nestlé CEO was unanimously appointed to lead the WEF while a search for a permanent successor begins.
Schwab had previously stepped down as CEO in 2024, intending to remain as chairman. However, his final exit comes amid serious allegations. Anonymous whistle blowers have accused Schwab and his wife of misusing WEF resources for personal gain. Schwab has filed a criminal complaint and denies the claims.
The WEF says it is investigating “financial and ethical misconduct.” Critics have long accused the forum of elitism, and recent headlines—including earlier allegations of sexism and racism—have intensified scrutiny. An external inquiry last year found no legal violations but flagged inconsistent governance standards.
The Schwab family expressed regret that Klaus was not given a chance to address the board. SRF business editor Isabel Pfaff said the WEF “is clearly suffering reputational damage” and that Schwab’s resignation suggests the situation had become untenable.
Whether the WEF can maintain credibility without its founder—and amid mounting criticism—remains to be seen.
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