BREAKING: Klaus Schwab to step down as executive chairman of World Economic Forum

Klaus Schwab, the World Economic Forum founder and executive chairman, will be stepping down from his post. 

Schwab, who founded the international organization that holds annual gatherings in 1971, announced his intention to step down in an email sent to staff. A person connected to the organization shared the email with Semafor. 

Schwab said he would be stepping down as executive chairman and transitioning into a different role. He added that the change is pending approval by the Swiss government but should be in place ahead of the World Economic Forum’s 2025 annual meeting. 

While Schwab, 86, has not named his successor, he 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. 

Schwab and his organization have come under fire for the annual meeting that sees government figures and business leaders come together.

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