Klaus Schwab, founder and long-time chairman of the World Economic Forum (WEF), will step down from his executive role after 53 years of influential leadership. Schwab created the WEF in 1971, transforming it into a premier global platform where economic and political leaders converge to tackle pressing world issues.
Schwab consistently promoted “stakeholder capitalism,” urging companies to serve the interests of all stakeholders, not just shareholders. His ideas have significantly influenced global business practices and policies. Schwab also played a key role in popularizing the concept of the Fourth Industrial Revolution, which focuses on the convergence of physical, digital, and biological technologies.
Throughout his leadership, Schwab received both praise and criticism. Many hailed his visionary ideas and his ability to unite diverse leaders to address global challenges. However, he also faced scrutiny over financial transparency and the blending of WEF operations with his business interests.
As Schwab steps down, he initiates a transition to ensure that future WEF leadership continues to navigate the evolving global landscape effectively. The WEF announced that the leadership transition will be finalized before the next Davos meeting in January 2025. The WEF has not yet announced his successor, but this transition aims to uphold the forum’s status as a vital platform for international dialogue.
