World Economic Forum founder Klaus Schwab steps back from executive post

Klaus Schwab, founder of the World Economic Forum (WEF), is stepping back from his role after more than 50 years. He announced his transition from executive chairman to non-executive chairman via an email to staff. This change requires Swiss government approval and is set for January 2025. A spokesperson revealed that the WEF is evolving into a leading institution for public-private cooperation and will alter its governance structure.

The 86-year-old Schwab first established the Forum in 1971, which now attracts numerous global leaders annually. His children hold notable positions, and recent shifts in the Forum's focus have moved toward the political center.