WEF founder steps down from chairmanship

"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," Schwab said in a statement.

The board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as chairman ad interim. It also established a search committee for the selection of a future chair.

"The Board acknowledged the outstanding achievements of the retired Chairman and Founder of the World Economic Forum, Klaus Schwab. He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum," the statement said.

"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. The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. 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.

In May 2024, Schwab announced that he was stepping back from his executive role.

Schwab founded the World Economic Forum in 1971 and the forum has held its annual meetings in Davos, Switzerland and in other locations occasionally ever since.

Peter Brabeck-Letmathe, the new interim leader of the non-governmental organization, is an Austrian businessman. At Nestle, Brabeck-Letmathe serves as chairman emeritus. Prior to this, from 1997 until 2008, he was the company's chairman and CEO.

Brabeck-Letmathe has led the Formula One Group as the chairman, which organizes the Formula One races, in addition to his lengthy tenure at Nestle.