Klaus Schwab Steps Down as World Economic Forum Chairman

By
Daramoloa Aanuoluwapo Oluwaseun
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Klaus Schwab has announced his immediate resignation as Chairman of the Board of Trustees of the World Economic Forum (WEF), effective immediately, as he enters his 88th year.

 

Schwab informed the Board of Trustees of his decision at an extraordinary meeting on Easter Sunday, but did not provide further details on the reason for his resignation.

 

The WEF announced Schwab’s resignation in a press release on Monday, stating that he will step down from his position as Chair and member of the Board of Trustees.

 

“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,” Schwab is quoted in the WEF press release as saying.

 

The Board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as interim Chairman to succeed Schwab.

 

Schwab founded the WEF in 1971 with the goal of creating a platform for policymakers and top corporate executives to address global issues.

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