World Economic Forum Begins Search for New Leader

Klaus Schwab, founder of the World Economic Forum (WEF), also known as the Davos Summit, resigned from his chairmanship and position on the WEF board, the forum said on Monday, CE Report quotes Kosova Press.

"Following my last announcement, and as I enter my 88th year, I have decided to step down from my position as chairman and as a member of the Board of Directors, effective immediately," Schwab said in a statement.

The board unanimously appointed Vice President Peter Brabeck-Letmathe as interim president. It also created a search committee to select a future president.

"The Board recognized the extraordinary achievements of the retiring Chairman and Founder of the World Economic Forum, Klaus Schwab. He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for 55 years of relentless leadership at the helm of the Forum," the statement said.

"At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical. The Board of Governors of the World Economic Forum underlines the importance of remaining steadfast in its mission and values ​​as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from the region and across sectors. cooperation," he added.

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

Schwab founded the World Economic Forum in 1971, and the forum has held its annual meetings in Davos, Switzerland, and in other countries occasionally since then.

Peter Brabeck-Letmathe, the new interim leader of the non-governmental organization, is an Austrian businessman. At Nestle, Brabeck-Letmathe serves as chairman emeritus. Before that, from 1997 to 2008, he was the company's chairman and CEO.

Brabeck-Letmathe has led the Formula 1 Group as chairman, which organizes Formula 1 races, in addition to his long tenure at Nestle.