Klaus Schwab, the influential founder of the World Economic Forum (WEF) and architect of the annual Davos summit, has stepped down as chair of the organization’s board of trustees amid mounting whistleblower allegations, marking a dramatic twist in the legacy of one of the world’s most high-profile global conveners.
As first reported by the Financial Times, Schwab’s resignation came during an extraordinary board meeting on Sunday, where trustees reviewed new claims detailed in a whistleblower letter. These latest allegations include financial misconduct and improper use of WEF assets by Schwab and his family—a significant escalation following previous accusations of a toxic workplace culture, discrimination, and mishandling of sexual harassment complaints.
The WEF announced it has launched an independent investigation, in consultation with external legal counsel. “This decision was made after consultation with external legal counsel and in line with the forum’s fiduciary responsibilities,” the WEF said in a statement.
Schwab, 87, who had previously indicated his intent to retire after a successor was named, now departs immediately. The forum’s vice-chair, Austrian businessman Peter Brabeck-Letmathe—known for his leadership roles at Nestlé and Formula 1—has been named interim chair.
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