Klaus Schwab Steps Down as Chairman of the World Economic Forum
In a significant development, Klaus Schwab, the founder of the World Economic Forum (WEF), has announced his immediate resignation as chairman of the forum’s board of trustees. The 87-year-old German economist, whose net worth is estimated to be around £18 million, made the announcement on the same day that the news of Pope Francis’s death dominated the headlines.
According to a statement released by the WEF, Schwab said: “Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect.” As reported by Metro.co.uk, Schwab’s decision to step down was not entirely unexpected, as the Geneva-based institution had previously announced that he was planning to resign.
The World Economic Forum, which was launched in January 1971, is a platform for business leaders and politicians to meet and discuss some of the world’s most pressing issues. The forum, which is held annually in Davos, Switzerland, has been attended by some of the world’s most influential people, including US President Donald Trump, who met with Schwab at the forum in 2018. As Metro.co.uk reported, Trump and Schwab were seen together on stage at the forum, highlighting the event’s significance.
Schwab, who was born in Nazi Germany in 1938, has had a long and distinguished career as a professor of business policy and engineer. He founded the WEF in 1971, and has been instrumental in shaping the forum into the influential event it is today. As Metro.co.uk noted, the forum has seen some dramatic moments over the years, including a meeting between Nelson Mandela and South Africa’s then-president Frederik Willem de Klerk during the Apartheid in 1992.
In the wake of Schwab’s resignation, Vice Chairman Peter Brabeck-Letmathe has taken over as interim chair until a successor is appointed. The forum is expected to continue as usual, with many of the world’s top leaders and business figures attending the annual meeting in Davos. According to Metro.co.uk, attending the Davos forum is not cheap, with corporate membership fees ranging from $100,000 to $1 million, and hotel rooms costing as much as $3,000 per night.
The World Economic Forum has been the subject of much attention over the years, with some critics questioning the influence and reach of the event. However, as Metro.co.uk reported, the forum has provided a platform for some significant moments in world history, including a confrontation between US President Donald Trump and climate activist Greta Thunberg in 2020.
In a statement, Schwab said that he was stepping down to focus on his legacy and to allow the forum to move forward under new leadership. As reported by Metro.co.uk, the WEF will continue to be a major player in global affairs, and Schwab’s resignation marks the end of an era for the forum.
The news of Schwab’s resignation comes at a significant time, with the world still reeling from the news of Pope Francis’s death. As Metro.co.uk reported, the Pope’s death has sent shockwaves around the world, with many leaders and dignitaries paying tribute to his legacy.
In conclusion, Klaus Schwab’s resignation as chairman of the World Economic Forum marks a significant change for the influential event. As reported by Metro.co.uk, Schwab has been instrumental in shaping the forum into the event it is today, and his legacy will be felt for years to come.
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