‘You’ll own nothing in retirement and be happy’…
World Economic Forum founder and executive chairman Klaus Schwab will be stepping back from his role running the global gathering since he founded it in 1971, Semafor reported.
Schwab announced his intentions in an email to staff on Tuesday that was shared with Semafor by a person connected to the organization.
He will be stepping down as executive chairman and transitioning to a role as non-executive chairman, he said, adding the change in his role is pending approval by the Swiss government but should be finalized ahead of the WEF’s annual meeting in 2025.
Schwab has not named his successor, but said that over the last year, the group’s executive board, “under the leadership of President Børge Brende, has taken full executive responsibility.”
Brende is a former Norwegian conservative leader.
The Forum operates much like a family business, with Schwab’s children appointed to high-ranking positions and his wife Hilde heading the organization’s foundation and awards ceremonies in Davos.
Over the years, its annual Davos gathering has become a must-attend event for the global elite.
Succession at the WEF has been the subject of fevered speculation, and a Politico article floating possible names roiled the gathering in 2023.
The WEF nonprofit organization brought in nearly $500 million in revenue in the year ending March 2023, and had a neat 200 million Swiss francs sitting in cash.
