Klaus Schwab, chairman of the Board of Trustees of the World Economic Forum, has resigned with immediate effect.
At a meeting of the Forum’s Board of Trustees on Sunday, Schwab, who founded the Forum in 1971, announced his resignation.
The Board appointed Vice Chairman Peter Brabeck-Letmathe, a former CEO of Nestlé Group, as its interim chairman.
Schwab had already announced his intention to step down, at the beginning of the month, but it was understood that the process of doing so would stretch on into 2027.
At this stage, it’s unclear what has prompted the sudden change from Schwab. Age may be a factor—Schwab noted in his resignation announcement that he was now 88 years old—but the decision may also have something to do with recent controversies about harassment and discrimination at the Forum.
Last year, The Wall Street Journal reported the Forum’s board was working with a law firm to investigate its workplace culture, after allegations of a “culture of harassment” and discrimination at the organization.
In March, the Forum said external lawyers who investigated the claims found it had not committed any legal violations and allegations of misconduct against Schwab himself were not true.
In a statement posted to the World Economic Forum website today, the Forum noted the need for it to “shape the future” has “never been more critical.”
“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 statement says.
“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.”
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