Klaus Schwab, the founder of the World Economic Forum (WEF), has resigned as the Chair of its Board of Trustees. At age 87, Schwab steps down as the face of the prominent Davos gathering, which he established in 1971 to create a platform for global policymakers and business leaders. His resignation comes amidst criticism of the WEF being detached from average people's realities and facing investigations into its workplace culture. Peter Brabeck-Letmathe will serve as interim chairman as the search for a new chair begins.
“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 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.
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 WEF has also had to cope with negative reports about its internal culture, with allegations of harassment and discrimination investigated by a law firm.
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