Last Updated on April 21, 2025 by Mrunal & Jiten
April 21, 2025 — After more than 50 years at the helm of the World Economic Forum (WEF), Klaus Schwab, the influential economist and founder of the WEF, has officially stepped down from his leadership role.
Schwab, who established the WEF in 1971, transformed it from a small academic gathering into a powerful global platform where business leaders, political figures, and economists meet annually in Davos, Switzerland, to shape global agendas.
Peter Brabeck-Letmathe Named as New Vice Chairman
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In a formal announcement, the WEF stated that Peter Brabeck-Letmathe, former Nestlé CEO and a longtime associate of Schwab, has been appointed Vice Chairman of the organization’s Board of Trustees.
This move is part of the WEF’s long-planned transition into what Schwab has described as a “renewed leadership structure”, designed to ensure the Forum remains relevant in a rapidly evolving geopolitical and economic landscape.
Schwab’s Global Influence
Klaus Schwab’s influence reached beyond the boardroom. Under his leadership, the WEF became known for introducing concepts like stakeholder capitalism, championing environmental sustainability, and fostering dialogue on technological innovation.
He played a central role in gathering the world’s elite to tackle some of the most pressing challenges, from climate change to the future of AI.
What’s Next for WEF?
With Schwab stepping back, the organization is expected to undergo a broader strategic shift. Though no successor as executive chairman has been named, the WEF’s Board of Trustees is expected to take on a more active role in steering the Forum’s vision.
Observers say this could lead to a more collaborative, less centralized approach to global policy influence, especially as the world navigates economic uncertainty, geopolitical tensions, and emerging tech disruptions.
More updates to follow as the WEF begins a new chapter without its iconic founder at the top.
