World Economic Forum founder Klaus Schwab retires as chairman

The founder of the World Economic Forum, Klaus Schwab, is stepping down as chairman after more than fifty years since establishing the Geneva-based organization known for hosting the annual meeting of global elites in Davos, Switzerland. The forum announced Schwab’s retirement, with former Nestle Chairman and CEO Peter Brabeck-Letmathe appointed as interim chairman. A search committee has been formed to select a permanent replacement. The Davos gathering has been a platform for world leaders, academics, and business executives to discuss global issues and make deals. The forum emphasized the importance of inclusive dialogue during times of rapid change and reaffirmed its commitment to fostering progress by bringing leaders together for collaboration.