Geneva, Switzerland — The World Economic Forum said on Monday that its founder Klaus Schwab has stepped down from the board, turning a page in the history of the organization that hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos.
Schwab informed the WEF’s board that “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”.
Schwab stepped down as executive chairman last year, with former Norwegian foreign minister Borge Brende taking over daily management.
The WEF said Vice Chairman Peter Brabeck-Letmathe was appointed board chairman in the interim and that a search committee for replacement had been appointed.
WEF’s board hailed Schwab’s “outstanding achievements” in his 55 years as the leader of the organization.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” it said in a statement.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration,” it added.
Networking showcase –
Schwab was born in Ravensburg, Germany, on March 30, 1938. He studied at Swiss universities and at Harvard in the United States, and holds doctorates in engineering and economics, along with more than a dozen honorary doctorates.
He was a little-known business professor at the University of Geneva when in 1971 he founded the WEF’s precursor, the European Management Forum.
That first meeting reportedly drew under 500 participants. Since then the event has swelled to attract thousands of people each year.
Schwab later broadened the conclave by inviting top political and business leaders, representatives from leading non-governmental organizations, trade unions and civil society, assembling a prestigious Rolodex as he turned the gathering into a showcase for networking and exchanging ideas.
Over the years, success bred further success as many of the world’s movers and shakers vied to rub shoulders in the Swiss Alps at panel discussions and apres-ski socializing.
Newer regional meetings have joined the Davos calendar, and centers exploring key issues such as supply chains, cybersecurity, climate, energy and financial and monetary systems.
The WEF maintains that it “provides a global, impartial and not-for-profit platform for meaningful connection between stakeholders to establish trust, and build initiatives for cooperation and progress”.
Its mission, it says, is “improving the state of the world”.
