Klaus Schwab, the founder of the World Economic Forum, is initiating the process of stepping down as the chair of its board of trustees, as reported by the Financial Times. In a letter to trustee board members, Schwab emphasized the importance of the forum reclaiming its "sense of mission" amidst a period of unrest. While a specific timeline for his departure was not provided, the WEF stated that the transition should be finalized by January 2027.

The institution, based in Geneva, has not yet responded to the request for comments from Reuters. Last year, Schwab announced plans to hand over executive responsibilities to a team led by Borge Brende, the WEF's president since 2017 and former foreign minister of Norway. Schwab highlighted the financial stability of the organization due to effective financial management throughout its history.

Following recent disturbances, Schwab stressed the need for the WEF to refocus on its mission, with no direct mention of whether the unrest was related to political events or internal investigations. A previous report by the Wall Street Journal revealed that the WEF board had initiated an investigation into allegations of workplace culture issues. However, an external investigation did not uncover any legal infractions or substantiate claims of misconduct against Schwab, as per the Financial Times.

Established by Schwab in 1971, the World Economic Forum is renowned for its annual gatherings of global leaders from politics and business in Davos, Switzerland.