Klaus Schwab, the founder of the World Economic Forum and the driving force behind its iconic annual gathering in Davos, Switzerland, is stepping down as chairman after more than five decades of leadership, the organization announced on Monday.
Schwab, now 87 years old, stated he would be leaving his position “with immediate effect.” The forum also shared that Peter Brabeck-Letmathe, former Chairman and CEO of Nestlé, has been unanimously appointed by the board as interim chairman during a special meeting held on Sunday. A formal search committee has been established to find a permanent successor.
The World Economic Forum’s yearly event in Davos has long served as a global meeting point for political leaders, top executives, scholars, and heads of international organizations. Under Schwab’s leadership, the event became a unique venue for shaping international discourse on economic trends, policy challenges, and global cooperation.
Over his 55-year tenure, Schwab welcomed numerous high-profile leaders to the summit, including China’s Xi Jinping, Russia’s Vladimir Putin, and former U.S. President Donald Trump, among many others.
In its announcement, the Forum emphasized the ongoing importance of global dialogue, particularly at a time marked by rapid transformation and growing complexity. “The need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the statement read. It reaffirmed the organization’s mission to act as a “facilitator of progress” by continuing to bring together leaders to foster collaboration and exchange ideas.