The World Economic Forum (WEF) is set to undergo a governance reform, with Klaus Schwab stepping down from his executive role as soon as possible. This change will allow the organization to transition into an entity led by a strong executive management team and stakeholders assembled in the Board of Trustees.
Schwab, who founded the WEF with his wife Hilde in 1971, has been at the helm for nearly five decades. During this time, he has worked tirelessly to create a systematized exchange between business, politics, and society to address global challenges through stakeholder capitalism. His mission has evolved from a conference organization into a think tank tackling international initiatives throughout the year.
The reorganization will dissolve the current board of directors and replace it with committees of the board of trustees focused on different aspects of the organization. Schwab will remain as non-executive chairman for now but aims to find a suitable successor before relinquishing his role in the next few years.
Schwab believes that leaving a legacy through influencing others is crucial and sees his responsibility towards his employees and the global mission of the WEF as a key priority in ensuring its sustainability after his departure. While his son and daughter are involved in the WEF, Schwab rules out their involvement in his successor and is actively seeking a suitable person with international experience and a broad network to lead the organization into the future.
