Klaus Schwab steps down as World Economic Forum chairman after 55 years, Peter Brabeck-Letmathe named interim chair

World Economic Forum (WEF) Chairman Klaus Schwab decided to step down on Monday, April 21, after 55 years of service in the Geneva-based institution, according to the official release.

“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” said Schwab, according to the official announcement. 

The trustees also acknowledged Klaus Schwab's achievements and expressed their gratitude for founding the institution and serving for 55 years, leading the forum on a global scale.

“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,” they said assuring the people that the Forum will continue to bring people together from all sectors and regions in order to facilitate change of insights and foster collaboration.

Earlier this month, as per a Reuters report, a WEF spokesperson said that Schwab will "start the process" of stepping down as chair of its board of trustees. As per the report, there was no timeline given back then, but the spokesperson said that the process should be completed by January 2027. 

Who is the new chairman of WEF?

As per the announcement, the board of trustees of WEF has appointed Peter Brabeck-Letmathe as the interim chairman of the institution until they find a future chairman through a selection committee process.

The World Economic Forum's board meeting was held on Sunday, April 20, where the trustees took note of Schwab's resignation, and after which they appointed Peter Brabeck-Letmathe as Chairman ad interim. 

Who is Klaus Schwab?

Klaus Schwab is the outgoing Chairman and the founder of the World Economic Forum (WEF). In 1971, Schwab founded the institution, which currently employs more than 800 people in Geneva, New York, Beijing and Tokyo, according to the data collected from the official website.

Schwab worked on the shop floor of several companies from 1958 to 1962, then went on to become the Assistant to the Director-General of the German Machine-building Association (VDMA) in Frankfurt.

After serving nearly three years at Frankfurt, he became a member of the managing board of Sulzer Escher Wyss AG, Zurich, a manufacturing company with activities in several countries and over 10,000 employees.

On the education front, Klaus Schwab has a Doctorate in Engineering, a Doctorate in Economics, along with a Master of Public Administration degree, among other academic achievements.