World Economic Forum founder Klaus Schwab steps down from executive role; His family remains

New Delhi: Klaus Schwab, the visionary leader who established the World Economic Forum (WEF) in 1971, is stepping down from his executive role. The 86-year-old announced the decision in an email to staff on Tuesday, May 21st, according to Semafor.

A legacy of global influence

Schwab has been a central figure in the WEF's evolution. He transformed the organization from the European Management Forum into a global platform attracting world leaders, CEOs, and high-profile attendees. The 2024 Davos meeting, for instance, saw over 50 heads of state participate in discussions.

Transition to non-executive chairman

Schwab will transition to the role of non-executive chairman, pending approval from the Swiss government. This change is expected to be finalized before the WEF's 2025 annual meeting.

Executive responsibilities managed by WEF president

While no official successor has been named, Schwab highlighted the role of the WEF's executive board, led by President Børge Brende, a former Norwegian conservative leader. Brende has already been managing executive responsibilities for the past year.

A family enterprise with a shifting focus

The WEF has operated with a familial structure, with Schwab's children holding key positions and his wife, Hilde, overseeing the foundation and awards ceremonies. Notably, the forum has shifted its political stance in recent years, moving away from a previous liberal focus towards a more centrist position.

Looking forward: New leadership and continued influence

Schwab's decision marks a significant shift for the WEF. While the details of future leadership remain unclear, the organization's established platform ensures continued global influence as it navigates the complexities of the 21st century.