Klaus Schwab, founder of the World Economic Forum (WEF), has announced that he will begin the process of his retirement as chairman of the organization's board, a few weeks after the forum pledged a restructuring following an investigation into workplace discrimination.
In a letter addressed to board members, confirmed by several sources, Schwab explained that, despite the recent turbulence, the forum must regain its "sense of mission."
In an internal email sent to board members, Schwab highlighted that, despite recent challenges, the WEF remains "more important and relevant than ever" in the current context.
He also emphasized that the organization is "very well financially equipped" thanks to a ''successful'' economic management since its inception.
Schwab destacó la posición financiera del foro
However, he stressed that it is now essential to refocus on the forum's original mission, although he did not specify whether the "turmoil" he referred to was related to Donald Trump's large second term or the internal investigation into the WEF.
This announcement came the day after Trump announced a series of tariffs on U.S. imports and reciprocal tariffs that have caused uncertainty in the markets and the international trade system. Although Schwab did not give a specific date for his retirement, the WEF stated that the process should be completed by January 2027.
Schwab's decision to step down as chairman of the board was a surprise, as he had taken that position just a few months ago. Schwab's transition to non-executive chairman was seen as a significant change, given that he had led the forum as executive chairman for more than half a century.
The World Economic Forum, famous for its annual conference in Davos, Switzerland, is one of the most important events for business and political leaders, and plays a crucial role in promoting global collaboration and solving political and trade issues.
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Among the WEF board members are prominent figures such as the president of the European Central Bank, Christine Lagarde; the director of the IMF, Kristalina Georgieva; the chairman of Reliance Industries, Mukesh Ambani; the CEO of BlackRock, Larry Fink; and the chairman and CEO of Salesforce, Marc Benioff.
Schwab, 87 years old, mentioned that he will propose his successor to the board in an ''appropriate'' manner. The German economist had left his position as executive chairman of the forum last year, being replaced by Børge Brende, who took over as chairman and CEO of the board. This leadership change occurred at a time of internal turmoil for the organization.
Shortly after his resignation as executive chairman, the Wall Street Journal published allegations of discrimination and harassment made by several African American and female employees against Schwab and other senior executives.
La directora del FMI es una de las figuras más prominentes del Foro Económico
The organization denied all allegations. However, last month, the WEF mentioned that an investigation conducted by external lawyers found no legal violations or substance in the misconduct allegations against Schwab.
However, the investigation identified leadership and management issues that did not meet established standards. In a message to sponsors, Brende stated that the organization was reviewing and improving its code of conduct to address these issues. This is an indication of Schwab's potential culpability regarding his accusations.
As for his future, Schwab has indicated that he will focus on writing his memoirs. Additionally, he made the announcement of his retirement on April 1, a day of special significance for him, as it was on that same date 55 years ago when he began developing the concept of "global village", one of his best-known ideas.
Schwab dejó a Børge Brende en reemplazo a su puesto como presidente y director ejecutivo de la junta
