Klaus Schwab, the founder and executive chairman of the World Economic Forum, announced on Tuesday that he is stepping down from active leadership of the body that convenes the annual meetings of global executives and politicians in Davos, Switzerland.
Mr Schwab, 86, said he is moving to a non-executive role by January 2025, according to the WEF website.
“The organisation has also been undergoing a planned governance evolution from a founder-managed organisation to one where a president and managing board assume full executive responsibility,” the WEF said.
The body did not specify who would take those roles.
Mr Schwab attended the annual meeting in Davos in January, but missed a major WEF meeting in Riyadh last month, which raised questions about his health.
He started what became the World Economic Forum – initially called the European Management Forum – in 1971 as a symposium on corporate management.
World Economic Forum in Riyadh - in pictures
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Visitors attend the World Economic Forum (WEF) in Riyadh. Reuters -
Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, speaks at the WEF. Reuters -
International Monetary Fund managing director Kristalina Georgieva makes an appearance in Riyadh. Reuters -
President of the WEF, Borge Brende, speaks to Palestinian President, Mahmoud Abbas. Reuters -
Peter Orszag, chief executive of Lazard, Rwanda's President Paul Kagame, Nigeria's President Bola Ahmed Tinubu, Malaysia's Prime Minister Anwar Ibrahim and Ms Georgieva listen to Mr Brende. Reuters -
Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, and Saudi Arabia's Energy Minister, Abdulaziz bin Salman, attend a WEF panel. AFP -
Mr Brende gives a speech. Reuters
Since then, the event grew to become an annual gathering of about 2,500 corporate executives, financiers, and politicians, and other public figures from more than 100 countries, addressing matters such as inequality, migration, digital innovation and globalisation.
Mr Schwab chose the Alpine location of Davos to make guests feel relaxed and speak freely, according to the Geneva-based non-profit organisation’s website.
With a slogan of “committed to improving the state of the world", the forum attracts global attention and criticism, and conspiracy theories.
The 2024 World Economic Forum in Davos - in pictures
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French President Emmanuel Macron (centre), flanked by delegation members, walks through an inflatable tunnel connecting venues at Davos. AFP -
Argentina's President Javier Milei. Reuters -
European Central Bank chief Christine Lagarde with Serbia's President Vucic. EPA -
WEF participants gather at Davos Congress Centre. AP Photo -
ING Group chief executive Steven van Rijswijk at the World Economic Forum gathering in Davos. AFP -
Nick Clegg, president of global affairs and communications with Meta at the WEF. Bloomberg -
Mustafa Suleyman, co-founder and chief executive officer of Inflection AI, speaking at the event. Bloomberg -
Steve Schwarzman, co-founder and chief executive officer of Blackstone Group, at the Swiss alpine resort. Bloomberg -
Andrea Orcel, group chief executive of Unicredit, speaking during an interview at the World Economic Forum in Davos, Switzerland. Bloomberg -
Mike Brown, chief executive of Nedbank Group Ltd. Bloomberg -
Tony Fernandes, chief executive Capital A Berhad. Bloomberg -
Salil Parekh, chief executive officer of Infosys. Bloomberg -
Julie Sweet, chief executive of Accenture, and Ludovic Subran, chief economist at Allianz SE. Bloomberg -
France's President Macron (right) shakes hand with Serbia's President Aleksandar Vucic after his speech. AFP -
Pat Gelsinger, chief executive of Intel. EPA -
Former British prime minister Tony Blair. EPA -
Jamie Dimon, chief executive of JP Morgan Chase. Bloomberg -
US Secretary of State Antony Blinken. AP -
Antonio Guterres, UN Secretary General, addresses the assembly. AFP -
Former US vice president Al Gore speaks. Reuters
Mr Schwab was born in Germany to parents of Swiss origin.
While the organisation he founded has frequently faced the charge of elitism, he has consistently stressed the need for the kind of global co-operation it offered.
“Big challenges – environmental, poverty – cannot be solved by governments alone, or by business alone, or by civil society,” Mr Schwab told the Financial Times in defence of the conference in 2020.
“You need co-operation.”
