Klaus Schwab Steps Down After 55 Years: World Economic Forum Enters New Era

In a historic leadership shift, Klaus Schwab, the founder and Executive Chairman of the World Economic Forum (WEF), has officially stepped down from his position, closing a remarkable chapter that began in 1971. The announcement came during an extraordinary meeting of the WEF Board of Trustees held on April 20, marking a pivotal moment in the organization’s evolution.

A Vision That Shaped the Global Stage

Klaus Schwab, now 87 years old, established the World Economic Forum with a simple but powerful goal: to create a neutral platform for dialogue among leaders from government, business, academia, and civil society. What began as a small gathering of European executives has grown into one of the world’s most influential platforms for shaping global agendas.

Under Schwab’s leadership, the WEF became synonymous with its flagship event in Davos, Switzerland—an annual meeting that attracts heads of state, CEOs, thought leaders, and activists from around the world. Through periods of economic upheaval, climate urgency, and technological transformation, Schwab’s steady hand helped turn the Forum into a trusted space for navigating change.

Transition at the Top

In his letter to the Board, Schwab announced he would be stepping down from his roles as Executive Chairman and as a member of the Board of Trustees with immediate effect. The Board unanimously expressed deep appreciation for his decades of service and recognized his role in shaping the Forum into what it is today.

To ensure continuity, the Board appointed Peter Brabeck-Letmathe, current Vice Chairman of the Board, as Chairman ad interim. Brabeck-Letmathe, the former CEO and Chairman of Nestlé, brings decades of international leadership experience and will guide the Forum while a formal search is conducted for Schwab’s long-term successor.

A Search Committee has been formed to identify and recommend the next Chair, marking a deliberate and strategic move toward strengthening the WEF’s independent and future-focused governance model.

A Modernized Governance Structure

This leadership transition is part of a broader evolution in the WEF’s internal structure. Over the past few years, the Forum has shifted away from its founder-led model to a more distributed leadership system. The President of the Forum, Børge Brende, alongside the Managing Board, now holds full executive responsibility for the organization’s operations, strategy, and global initiatives.

The Forum has made it clear that this transition will not impact its core mission—to foster public-private cooperation and promote dialogue around the world’s most urgent issues.

Looking to the Future

As the WEF prepares for its next phase, it does so with Schwab’s enduring legacy at its core. The values he embedded—dialogue, cooperation, and long-term thinking—remain foundational. In a time when the world is grappling with geopolitical tensions, economic inequality, and environmental crises, the Forum’s work is more relevant than ever.

The organization will continue to convene leaders and innovators to build bridges across sectors and nations, with a renewed commitment to improving the state of the world—just as Schwab envisioned over five decades ago.