Klaus Schwab Steps Down as WEF Chair

World Economic Forum founder and former Executive Chairman Klaus Schwab has decided to step down from the position of chair and as a member of the board of trustees.

In a statement issued on the official WEF website, Schwab, who has been at the centre of the WEF and its annual Davos summit in Switzerland, 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.”

Schwab founded the World Economic Forum in 1971.

The board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as chairman ad interim. It also established a search committee for the selection of a future chair.

In May 2024, Schwab announced he was stepping back from his executive role.

Who Is Peter Brabeck-Letmathe?

The new interim head of the non-governmental body, Peter Brabeck-Letmathe, is an Austrian businessperson, born in Villach.

Brabeck-Letmathe is the chairman emeritus of the renowned Swiss FMCG major Nestlé.

Previously, he served as the company chairman and CEO from 1997 to 1997–2008. He started his career at the makers of Nescafé at the age of 24 in 1968 as a salesman.

In addition to his long innings at Nestlé, Brabeck-Letmathe has also been at the helm of Formula One Group, the group that runs the Formula One races.

Along with that, he has also served on the board of directors of Credit Suisse Group, L'Oréal, and ExxonMobil.