Introduction: On April 21, 2025, the World Economic Forum announced that its founder, Klaus Schwab, has stepped down from the board at age 88, marking a pivotal moment for the organization behind the iconic Davos meetings. This article explores Schwab’s legacy, the WEF’s future, and the controversies surrounding its global influence.
Schwab’s Departure
Klaus Schwab, who founded the WEF’s precursor in 1971, informed the board: “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.” Having relinquished his executive chairman role in 2024 to Borge Brende, Schwab’s full exit concludes 55 years of leadership. Via AFP, the WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim board chairman while a search committee seeks a permanent replacement.
A Legacy of Global Networking
Born in Ravensburg, Germany, in 1938, Schwab transformed a modest 1971 gathering into the world-renowned Davos summit, attracting thousands of political, business, and civil society leaders annually. His vision turned the WEF into a platform for “improving the state of the world” through dialogue on issues like climate, cybersecurity, and economic systems. The WEF’s board praised Schwab’s “outstanding achievements,” noting its role in fostering “inclusive dialogue to navigate complexity and shape the future.”
The Davos Phenomenon
The Davos meeting, held in a luxury Swiss ski resort, has become synonymous with the “Davos Man”—a term for affluent global elites networking amidst panel discussions and exclusive events. From under 500 participants in 1971, the event now draws thousands, spawning regional summits and research centers. The WEF’s not-for-profit mission emphasizes collaboration, but critics argue it serves as a lobbying platform for corporations, lacking transparency.
Controversies and Conspiracy Theories
Schwab and the WEF have long faced scrutiny. The 2020 “Great Reset” initiative, launched post-Covid-19, fueled conspiracy theories alleging Schwab led a global elite plotting to control or harm humanity. Misinformation on platforms like X has claimed Davos meetings secretly promote sinister agendas, from epidemics to mass starvation. The WEF’s 2025 global risk report, ironically, listed misinformation and disinformation as top short-term threats, reflecting the organization’s struggle with public perception.
Future of the WEF
With Schwab’s departure, the WEF enters a new era under Borge Brende’s operational leadership and an interim board chaired by Brabeck-Letmathe. The organization aims to maintain its role as a “global, impartial” platform, but challenges remain. Balancing corporate influence with public trust, addressing misinformation, and navigating geopolitical tensions will test the WEF’s relevance. Discussions on X suggest mixed sentiments, with some praising Schwab’s vision and others questioning Davos’ elitism.
Global Impact and Reflection
Schwab’s exit prompts reflection on the WEF’s impact. While it has shaped global agendas on sustainability and technology, its exclusivity draws criticism. As the WEF searches for a new board chair, its ability to foster inclusive dialogue amid a polarized world will define its legacy. The 2026 Davos meeting, already in planning, will signal how the organization adapts to this transition.