Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), Steps Down

In a historic leadership shift, Klaus Schwab, the founder and Executive Chairman of the World Economic Forum (WEF), has officially stepped down from his position

In a historic leadership handover, Klaus Schwab, the founder and former Executive Chairman of the World Economic Forum (WEF), has stepped down from his role immediately, closing a remarkable chapter that began in 1971. The announcement came during an extraordinary meeting of the WEF Board of Trustees held on April 20.

The appointment of Peter Brabeck-Letmathe, current Vice Chairman of the Board, as Chairman ad interim was also announced. Brabeck-Letmathe, former CEO and Chairman of Nestlé, will guide the Forum in this transition period. A Search Committee has been formed to identify and recommend the next Chair, part of a broader move to modernize the organization’s governance.

This leadership transition follows a period of evolution for the WEF, adapting its internal structure for the future. Over the past few years, the Forum has shifted away from a founder-led model to a more distributed leadership system. The President of the Forum, Børge Brende, alongside the Managing Board, now holds full executive responsibility for the organization’s operations, strategy, and global initiatives.

This transition does not impact the Forum’s core mission, which remains focused on fostering public-private cooperation and promoting dialogue around the world’s most urgent issues.

Announcing his departure in a letter to the Board, Schwab said: “It is with mixed emotions that I announce my decision to step down from my roles as Executive Chairman and as a member of the Board of Trustees of the World Economic Forum, effective immediately. After 42 years at the helm of an organization that I founded with a simple goal—to create a neutral platform for dialogue among leaders from government, business, academia, and civil society—it is time for a new chapter.”

Reflecting on the journey, Schwab added: “When we began, it was a small gathering of European executives focused on the pressing issues of the day. Today, the Forum is a truly global institution, recognized for its role in convening heads of state, CEOs, and other leaders from across the globe to discuss and attempt to solve the world’s most urgent problems.”

Through periods of economic upheaval, climate urgency, and technological transformation, Schwab’s steady hand helped turn the Forum into a trusted space for navigating change.

The Board expressed deep appreciation for Schwab’s leadership and recognized his role in shaping the organization into what it is today. In his letter, Schwab announced that he would be fully transferring his roles to the Board.

To ensure continuity, the Board appointed Peter Brabeck-Letmathe, current Vice Chairman of the Board, as Chairman ad interim. Brabeck-Letmathe, the former CEO and Chairman of Nestlé, brings decades of international leadership experience and will guide the Forum while a formal search is conducted for Schwab’s long-term successor.

A Search Committee, composed of members of the Board, has been formed to identify and recommend the next Chair, a deliberate and strategic move toward strengthening the WEF’s independent and future-focused governance model. This follows the recent introduction of a new governance policy, further advancing the organization’s internal structures.

The appointment of a new Chair will be announced in due course.