Klaus Schwab steps down from World Economic Forum leadership

In Switzerland, Klaus Schwab, the founder of the World Economic Forum, announced his immediate resignation as chairman on April 20, 2025. At 87 years old, Schwab has played a pivotal role in shaping global economic discussions for over 50 years, particularly through the annual meetings held in Davos, which attract influential figures across politics, business, and academia. His departure marks a significant shift for the organization, which has been a key platform for dialogue among world leaders and has hosted numerous global discussions on pressing issues. Following his resignation, Peter Brabeck-Letmathe, former Chairman and CEO of Nestlé, was appointed as the interim chairman by the World Economic Forum’s board. A search committee has been established to find a permanent successor. Schwab's tenure has seen the forum grow into an influential body that engages leaders from various sectors to address collective global challenges. As he resigns, the organization stresses that it will continue its mission to foster inclusive dialogue to navigate an increasingly complex global landscape. The World Economic Forum has served as a hub for decision-makers to brainstorm strategies for economic and social progress, and Schwab's leadership has been characterized by his advocacy for stakeholder capitalism, where businesses are encouraged to consider the broader impact of their operations on society. His statement emphasized that now, more than ever, is the time for cooperation amid rapid global transformations. Schwab's exit is particularly notable as the global economy faces various challenges, including climate change, economic inequality, and geopolitical tensions. His legacy at the World Economic Forum will likely influence the direction of global discussions moving forward, as the organization continues to emphasize its role as a facilitator of progress in times of uncertainty.