Klaus Schwab Resigns as WEF Chairman After 53 Years, Ending an Era of Global Economic Influence
GENEVA — In a pivotal leadership shift at the helm of one of the world’s most influential economic institutions, Klaus Schwab, the 87-year-old founder and chairman of the World Economic Forum (WEF), has resigned with immediate effect. The WEF confirmed the resignation on Monday, marking the end of Schwab’s over half-century leadership that shaped the modern landscape of international economic cooperation.
End of an Era: Klaus Schwab Steps Down from World Economic Forum
A Legacy That Reshaped Global Dialogue
“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 stated in a letter released by the WEF.
His resignation was formally accepted at a board meeting held on April 20, with Vice Chairman Peter Brabeck-Letmathe appointed interim chairman. A global search committee will be formed to find a permanent successor later this year, signaling a critical transition period for the organization.
From Modest Lecturer to Global Architect
Born in Ravensburg, Germany, in 1938, Klaus Schwab began his journey as a university lecturer at the University of Geneva. With doctoral degrees in both engineering and economics, and over a dozen honorary doctorates, Schwab’s intellectual pedigree was beyond dispute.
What started in 1971 as a modest European Management Forum with fewer than 500 attendees evolved into Davos, the epicenter of global economic debate and cooperation. Under Schwab’s leadership, Davos grew from a business-centric meeting into a cross-sector summit of presidents, CEOs, civil society leaders, and policymakers.
“Improving the state of the world” became more than a motto — it was Schwab’s mission.
Over the decades, the WEF spearheaded regional summits and global initiatives focused on climate change, cybersecurity, energy transition, and financial system resilience, positioning itself as an “impartial and not-for-profit platform” for dialogue and trust.
Global Finance Leaders Gather as Economic Storm Clouds Form
Schwab’s exit coincides with a critical moment on the global economic calendar — the Spring Meetings of the IMF and World Bank, now underway in Washington, DC.
Finance ministers and central bankers from around the world are gathering amid heightened economic anxiety, worsened by the tariff policies of U.S. President Donald Trump.
Mounting Pressure from Trade Tensions
IMF Managing Director Kristalina Georgieva sharply criticized Trump’s trade stance, warning of a threat to global stability. Developing countries like Jordan and Sri Lanka are reportedly seeing setbacks in their recovery progress due to rising tariffs.
Additionally, Syria is expected to attend the summit, seeking support for post-war reconstruction efforts. Syrian President Ahmad Al Shara recently met with regional leaders to forge economic pathways forward after years of internal conflict.
IMF Prepares Grim Economic Forecast
The IMF had previously projected global GDP growth at 3.3% for 2025, but those numbers are now in question. On April 22, Georgieva is expected to deliver downward revisions to both global and regional forecasts in the updated World Economic Outlook.
“Our new growth projections will include notable markdowns, but not recession,” she said.
However, U.S. economists warn the risk of a recession is rising, with former central banker Adam Posen estimating a 65% chance of a U.S. slowdown, citing the ripple effects of restrictive trade measures and immigration policies.
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