GENEVA – April 4, 2025 – Klaus Schwab, the founder of the World Economic Forum (WEF) and a polarizing figure in global governance, has begun the process of stepping down from his role as chair of the organization’s board of trustees, according to a WEF statement reported by Reuters. Schwab, 87, will remain in his position until a successor is appointed, though no firm timeline has been provided for this transition, marking the end of an era for the institution he founded in 1971.
Schwab’s leadership transformed the WEF from a small European management conference into a global powerhouse, most famously known for its annual Davos summit, where world leaders, CEOs, and policymakers converge. The announcement follows Schwab’s earlier pledge in 2024 to step away from executive duties by January 2025, shifting to a non-executive role. A WEF spokesperson confirmed to Reuters that the succession process is underway, with Schwab staying on until it concludes.
While Schwab’s tenure has been praised for fostering international cooperation, it has also made him a lightning rod for conspiracy theories and criticism. His promotion of concepts like the “Great Reset”—a 2020 initiative to rethink global economies post-pandemic—fueled narratives among nationalist and fringe groups that he wielded undue influence over world affairs. Online platforms, particularly X and Facebook, have long buzzed with often unsubstantiated claims, portraying Schwab as a mastermind of a shadowy elite controlling governments and economies. His book COVID-19: The Great Reset, co-authored in 2020, only intensified these theories, with detractors alleging it revealed a plan for global domination—assertions the WEF has dismissed as misinterpretations of its call for economic recovery from a sustainability approach.
The WEF itself has faced scrutiny beyond conspiracy circles. A recent investigation into its workplace culture, noted by the Financial Times last month, found no legal violations or substantiated misconduct claims against Schwab, though it underscored broader challenges for the organization. Meanwhile, Schwab highlighted the Forum’s resilience in a statement reported by Businessday NG: “It is also financially very well equipped thanks to successful financial management since its beginning,” suggesting confidence in its future as he prepares to exit.
Succession details remain unclear. Schwab previously indicated that executive duties would transfer to a team led by WEF President Børge Brende, a former Norwegian foreign minister, though it’s uncertain if Brende will take the chair role. This shift builds on a gradual transition begun in 2015, moving the WEF from a founder-centric model to one managed by a president and board.
Reactions to Schwab’s departure reflect his divisive legacy. Supporters celebrate his role in bridging public and private sectors, while critics—emboldened by conspiracy narratives which Schwab himself fueled by poorly chosen statements—see it as a symbolic victory against perceived globalist overreach. X posts today range from cautious optimism about the WEF’s next steps to gleeful pronouncements of the end of Schwab’s “reign.”
As of the time of this writing, the WEF has offered no further comment on the succession timeline. Schwab’s exit, whenever finalized, will conclude over 50 years of leadership, leaving behind a complex legacy of innovation, influence, and a persistent shadow of conspiracy-laden controversy.
