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."
Qatar has confirmed that seven people, including four of its military personnel and three Turkish nationals, were killed on Sunday (22 March) ...
Georgia bid farewell to Catholicos-Patriarch Ilia II on Sunday (22 March). He was considered one of the most influential spiritual leaders in ...
Palestinians have reported a surge in attacks by Israeli settlers on homes, vehicles, and residents across the West Bank, amid growing internati...
Belgium has marked the 10th-anniversary of the 2016 Brussels terror attacks, remembering the victims of the country’s deadliest peacetime ...
A drone attack on a hospital in East Darfur, Sudan, has killed at least 64 people and injured 89 more, the World Health Organisation (WHO) reported...
A fire alarm prompted the partial evacuation of the Davos Congress Centre on Wednesday evening while Donald Trump was inside the building attending the World Economic Forum, Swiss authorities said.
President of Azerbaijan, Ilham Aliyev outlined Azerbaijan’s economic priorities, investment strategy and regional connectivity role while speaking at the Euronews Davos Azerbaijan Executive Breakfast on the sidelines of the World Economic Forum.
Global political and business leaders opened the World Economic Forum’s (WEF) 56th Annual Meeting. Dubbed "A Spirit of Dialogue," the event will see geopolitical tensions, economic uncertainty and the rapid rise of frontier technologies discussed.
The world is entering a more unstable and fragmented phase as global cooperation declines and rivalry between major powers intensifies, the World Economic Forum has warned.
President Donald Trump said the U.S. was considering "winding down" its military operation against Iran, as Iran and Israel traded attacks on Saturday (21 March) and Iranian media said the nuclear enrichment facility in Natanz had been attacked.
U.S. President Donald Trump warned that American forces could target Iranian power plants if the strategic Strait of Hormuz remains closed, and Iran, in return, warned that any attack on its energy infrastructure would trigger strikes on regional facilities.
Slovenia heads to the polls on Sunday (22 March) in a closely contested race between incumbent Prime Minister Robert Golob and right-wing former Prime Minister Janez Janša.
Italy is voting on 22 and 23 March in a judicial reform referendum that could reshape the justice system and test Prime Minister Giorgia Meloni’s political strength ahead of the 2027 general election.
Iceland could reopen talks on joining the European Union after a 13-year pause, as shifting security concerns and renewed economic debate bring EU membership back to the centre of national politics.
Qatar has confirmed that seven people, including four of its military personnel and three Turkish nationals, were killed on Sunday (22 March) when a helicopter crashed in the country’s territorial waters.
Belgium has marked the 10th-anniversary of the 2016 Brussels terror attacks, remembering the victims of the country’s deadliest peacetime attack and reflecting on changes to national security.
A drone attack on a hospital in East Darfur, Sudan, has killed at least 64 people and injured 89 more, the World Health Organisation (WHO) reported on Saturday.
Cuba’s national power grid went down on Saturday, cutting electricity for millions, officials said. The outage marks the second nationwide blackout in a week and the third major grid failure in March.
A British nuclear-powered submarine armed with Tomahawk cruise missiles has reportedly taken up position in the Arabian Sea, the Daily Mail reported on Saturday (21 March). The deployment gives the UK the ability to carry out long-range strikes if tensions in the Gulf escalate.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment