Arch-globalist Klaus Schwab announced on Monday his resignation, effective immediately, as chairman and board member of the World Economic Forum, an organisation he founded nearly 55 years ago. “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,” World Economic Forum founder Klaus Schwab said in a press release.
“The Board acknowledged the outstanding achievements of the retired Chairman and Founder of the World Economic Forum, Klaus Schwab. He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum,” the WEF said in a statement. The Swiss-based NGO stated that the board has appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman. Meanwhile, a search committee has been established to select a future chairman of the organisation. The 80-year-old Austrian previously served as CEO of the Swiss multinational food and beverage processing conglomerate Nestlé Group and is a former chairman of Formula One racing.
It had initially been believed that Schwab desired to run the Davos-based foundation as a monarch and only cede control following his death, previously suggesting that he would like to still be at the helm into his 100s. However, rumours began to swirl last year that the German economist would step down, and Schwab, himself, confirmed such plans last month, stating that he planned to focus on writing his memoirs. Born in 1938 in the German city of Ravensburg, Schwab was a relatively obscure professor at the University of Geneva in Switzerland when, in 1971, he launched the European Management Forum, the precursor group to the World Economic Forum. While the WEF was founded with just $6,000 in startup funds, it has since ballooned to a $390 million per year business, earning Schwaab and his family millions. (Ed note: "a future chairman" now I wonder who that might be.) (Read More)
