Klaus Schwab stepped down from his leadership role at the World Economic Forum after running it for more than 50 years. The 87-year-old founder sent his resignation letter to the board, which accepted it during a special meeting on April 20. Board members named Vice Chairman Peter Brabeck-Letmathe as temporary leader until they find someone permanent.
Schwab started the organization in 1971 as the European Management Forum before changing its name in 1987. He built it into a global platform where government officials meet business leaders each year in Davos, Switzerland. The board praised his work creating a place for world leaders to discuss major issues.
His exit comes as many people question the value of globalization that the WEF supports. Critics say the forum helps elites make decisions without caring about regular citizens or national interests. The group faced more criticism after launching its Great Reset plan during COVID-19, which sparked many conspiracy theories despite Schwab saying it aimed to build fairer economies.
Schwab started the organization in 1971 as the European Management Forum before changing its name in 1987. He built it into a global platform where government officials meet business leaders each year in Davos, Switzerland. The board praised his work creating a place for world leaders to discuss major issues.
His exit comes as many people question the value of globalization that the WEF supports. Critics say the forum helps elites make decisions without caring about regular citizens or national interests. The group faced more criticism after launching its Great Reset plan during COVID-19, which sparked many conspiracy theories despite Schwab saying it aimed to build fairer economies.
