The founder of the World Economic Forum (WEF) has resigned from his role running the elite cabal at the centre of many conspiracy theories since it was founded more than half a century ago.In an email to staff on Tuesday, Klaus Schwab, 86, said he will be stepping down from his role as executive chairman for the first time since he formed the WEF in 1971.The change is pending approval from the Swiss government.In a statement, a WEF spokesperson said the organization is “transforming from a convening platform to the leading global institution for public-private cooperation.” Schwab “will transition from Executive Chairman to Chairman of the Board of Trustees” by January 2025..The group has not named a successor, but current president Børge Brende has taken full executive responsibility for the day-to-day workings of the group. Brende is a former Norwegian conservative leader.The Davos-based group was originally known as the European Management Forum and attracts dozens of CEO and global heads of state to its annual meetings in Switzerland each year. In 2024, more than 50 presidents and prime ministers from the world’s largest industrialized economies attended, including Canada.The WEF operates much like a family business, with Schwab’s children appointed to various high ranking positions in the organization that generates nearly USD$500 million in annual revenues. His wife, Hilde, heads the WEF Foundation and awards committee..Although it has become the poster child for progressive social causes, in recent years it has attempted to downplay an overt political agenda.The latest news appears to be legitimate after a series of hoaxes. In April the WEF was forced to respond to online social media reports that Schwab was dead after a “deadly firefight” in his house with Delta Force agents who found him in bed connected to an adrenochrome infusion machine.Schwab has authored or co-authored several books and is considered to be an "evangelist" for so-called "stakeholder capitalism" characterized by activist causes.The foundation's stated mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.”.Despite his self-professed devotion to liberal causes, Schwab has come under fire for what many view as hypocrisy when it comes to his own business dealings.While he has declared that excessively high management salaries were "no longer socially acceptable", his own annual salary of about one million Swiss francs (a little more than $1 million USD) has been repeatedly questioned by the media, along with the group’s tax-exempt status. While attending Harvard in the 1960s, he reportedly found a mentor in future US National Security Advisor and Secretary of State Henry Kissinger.In June 2021, Schwab sharply criticized the "profiteering,” "complacency" and "lack of commitment" of the municipality of Davos in relation to the WEF annual meeting and threatened to move it to Singapore.
