(Reuters) – The founder of the World Economic Forum, Klaus Schwab, will “start the process” of stepping down as chair of its board of trustees, the Financial Times reported on Thursday.
Schwab said the forum, which convenes annual gatherings in the Swiss resort of Davos, must recover its “sense of mission” after a period of turmoil, according to a letter to trustee board members seen by the newspaper and confirmed by two people with knowledge of the situation.
He did not give a timeline for his departure from the organisation but the WEF said in a statement to the Financial Times that the process should be completed by January 2027.
The Geneva-based institution did not immediately respond to a Reuters request for comment.
Last year, the founder said he would next year give up executive duties to a team led by Borge Brende, the low-key Norwegian who was formerly the Nordic country’s foreign minister and has been the WEF’s president since 2017.
“It is also financially very well equipped thanks to successful financial management since its beginning,” Schwab said of the WEF.
“What is essential now after the turmoil of the last months, is to recover our sense of mission,” he said, without specifying if the upheaval he was referring to was in response to Donald Trump’s second presidential term or an investigation of WEF, the report added.
The Wall Street Journal last year reported World Economic Forum’s board was working with a law firm to investigate its workplace culture, after the newspaper reported allegations of a culture of harassment and discrimination at the organization.
Last month, the WEF said external lawyers hired to perform an investigation into the claims did not find it had committed any legal violations and did not substantiate allegations of misconduct against Schwab, FT reported.
The forum, which was established by Schwab in 1971, is known for its annual gathering of political and business leaders in Davos, Switzerland.
(Reporting by Urvi Dugar; Editing by Bill Berkrot)
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