Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.
The Geneva-based WEF made the announcement on Monday after revealing earlier this month that the 87-year-old Schwab, who for decades has been the face of the Davos get-together, would be stepping down, without giving a firm timeline.
"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 said in a statement released by the WEF.
The forum did not say why he was quitting.
The WEF board said in the statement it had accepted Schwab's resignation at an extraordinary meeting on April 20, with Vice Chairman Peter Brabeck-Letmathe serving as interim chairman while the search for a new chair began.
The German-born Schwab established the WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues.
The village of Davos gradually became a fixture on the international calendar in January when political leaders, CEOs and celebrities got together in discreet, neutral Switzerland to discuss the agenda for the coming year.
CRITICISM
Widely regarded as a cheerleader for globalisation, the WEF's Davos gathering has in recent years drawn criticism from opponents on both left and right as an elitist talking shop detached from lives of ordinary people.
Headquartered above Lake Geneva at the other end of Switzerland from Davos, the WEF has also had to cope with negative reports about its internal culture.
The Wall Street Journal last year said the WEF's board was working with a law firm to investigate its workplace culture, after the newspaper reported allegations of harassment and discrimination at the forum. The WEF denied the allegations.
Shaken by the 2007-2009 global financial crisis, the WEF has also been buffeted by geopolitical tensions since the 2022 Russian invasion of Ukraine and more protectionist U.S. trade policies. Some analysts see it as an institution in decline.
Schwab anticipated globalisation would come under fire long before Donald Trump first won the U.S. presidency and Britain voted to leave the European Union in 2016, events which analysts attributed to discontent with the prevailing economic order.
"A mounting backlash against (globalisation's) effects, especially in the industrial democracies, is threatening a very disruptive impact on economic activity and social stability in many countries," Schwab and his colleague Claude Smadja jointly wrote in an opinion piece in 1996.
"The mood in these democracies is one of helplessness and anxiety, which helps explain the rise of a new brand of populist politicians."
On January 20, President of Azerbaijan Ilham Aliyev sat down for an exclusive interview with China’s CGTN (China Global Television Network) during the World Economic Forum in Davos.
Azerbaijani president Ilham Aliyev met with EBRD president Odile Renaud-Basso in Davos to discuss cooperation on infrastructure, financial sector support, and renewable energy projects. A loan agreement for Ganja’s water system was signed, strengthening ties between Azerbaijan and the EBRD.
Ukrainian President Volodymyr Zelenskiy has urged European nations to deploy a peacekeeping force of at least 200,000 personnel to prevent further Russian aggression after any potential ceasefire, speaking during an interview in Davos on January 21, 2025.
Azerbaijani President Ilham Aliyev met with Ukrainian President Volodymyr Zelenskyy in Davos on 22 January to discuss bilateral ties, energy cooperation, and regional security.
Day 3 at Davos kicks off with Europol chief Catherine de Bolle on gender parity in power. Highlights: speeches by Malaysia's PM Anwar Ibrahim, UN's Antonio Guterres, and Spain's Pedro Sanchez, plus key talks on AI equity and climate action with global leaders.
Australia’s top political leaders doubled down on plans to ban social media access for children under 16, showing rare unity on the issue ahead of the May 3 election even as pressure from tech giants is expected to mount.
The IMF has lowered global and U.S. economic growth forecasts, citing Trump-era tariffs and rising uncertainty. Global growth is expected at 2.8% this year, while U.S. growth may slow to 1.8%, with heightened recession and inflation risks.
China’s Shenzhen Hasee Computer Co. is considering launching laptop manufacturing operations in Azerbaijan, following key talks with local investment authorities.
Indian Prime Minister Narendra Modi arrived in Jeddah on Tuesday for a two-day visit aimed at strengthening economic, energy, and diaspora-related ties with Saudi Arabia.
The blockade of Serbia’s national broadcaster RTS entered another day, as students and citizens press demands for media transparency and accountability following a deadly tragedy in Novi Sad.
The Russian ruble has emerged as the top-performing currency globally in 2025, registering an impressive 38% appreciation against the US dollar since the beginning of the year, according to a report by Bloomberg.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Severe rainfall on April 17 led to flooding and landslides in the Piedmont region, prompting a large-scale emergency response from over 400 firefighters.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 16th, covering the latest developments you need to know.
Australia’s top political leaders doubled down on plans to ban social media access for children under 16, showing rare unity on the issue ahead of the May 3 election even as pressure from tech giants is expected to mount.
China’s Shenzhen Hasee Computer Co. is considering launching laptop manufacturing operations in Azerbaijan, following key talks with local investment authorities.
The blockade of Serbia’s national broadcaster RTS entered another day, as students and citizens press demands for media transparency and accountability following a deadly tragedy in Novi Sad.
As Canadians prepare to head to the polls on April 28, 2025, the upcoming federal election is set to be one of the most consequential in recent history.
Sweden, Lithuania, Norway and Finland are considering a coordinated acquisition of hundreds of CV90 infantry combat vehicles made by BAE Systems, Swedish Prime Minister Ulf Kristersson said on Tuesday.
Australia’s top political leaders doubled down on plans to ban social media access for children under 16, showing rare unity on the issue ahead of the May 3 election even as pressure from tech giants is expected to mount.
The IMF has lowered global and U.S. economic growth forecasts, citing Trump-era tariffs and rising uncertainty. Global growth is expected at 2.8% this year, while U.S. growth may slow to 1.8%, with heightened recession and inflation risks.
China’s Shenzhen Hasee Computer Co. is considering launching laptop manufacturing operations in Azerbaijan, following key talks with local investment authorities.
Indian Prime Minister Narendra Modi arrived in Jeddah on Tuesday for a two-day visit aimed at strengthening economic, energy, and diaspora-related ties with Saudi Arabia.
The blockade of Serbia’s national broadcaster RTS entered another day, as students and citizens press demands for media transparency and accountability following a deadly tragedy in Novi Sad.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment