Klaus Schwab indicated in an April 1 letter to the World Economic Forum’s board of trustees and staff that he was stepping down as chairman of the technocratic globalist organization. The 87-year-old economist did not, however, appear to be in a rush.
The WEF told the Financial Times earlier this month that Schwab — who pushed vigorously in recent years for a “great reset” of capitalism — would complete his departure by January 2027. His exit has, however, come early.
Schwab announced Monday that he was stepping down immediately.
“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” the technocrat said in a statement to the WEF’s board.
The board unanimously appointed WEF Vice Chairman Peter Brabeck-Letmathe as the interim chairman and established a search committee for the selection of a future chair.
Brabeck-Letmathe is the Austrian business executive who led the Nestlé Group as CEO from 1997 to 2008 and Formula One until 2016. A notable shareholder in the vaccine manufacturer Moderna at least as of 2023, Brabeck-Letmathe has served as a member of the WEF’s foundation board as well as on its board of trustees.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated. “The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
‘The world must act jointly and swiftly to revamp all aspects of our societies and economies.’
Blaze News previously noted that Schwab’s exit, apparently announced on the 55th anniversary of the day he began working on the borrowed concept of a “global village,” followed in the wake of a probe into allegations of discrimination at the WEF.
The Wall Street Journal published a damning report alleging — on the basis of internal complaints, email exchanges, and interviews with current and past WEF employees — that “under Schwab’s decades-long oversight, the forum has allowed to fester an atmosphere hostile to women and black people in its own workplace.”
The report contained allegations that: multiple female employees were “pushed out or otherwise saw their careers suffer” when pregnant or coming back from maternity leave; some women were sexually harassed by senior WEF managers; Schwab “made suggestive comments to [former staffers] that made them uncomfortable”; and some black employees were passed over for promotions and subjected to objectionable racial comments.
The WEF suggested the Journal’s report was “inaccurate,” stating, “We are an organization that upholds the highest standards of governance, while working to address the most pressing challenges of our time with our high-performance teams, our diverse and global outlook, and an environment that values innovation, inclusion, and well-being.”
After the Wall Street Journal’s report made waves, the WEF hired a pair of law firms to investigate the claims of workplace discrimination and harassment.
The law firm Covington and Burling — whose members had their security clearances suspended last month by President Donald Trump — conveniently concluded with the Swiss firm Homburger that it “did not find the forum had committed any legal violations” and “did not substantiate” the misconduct allegations against Schwab.
Time will tell if Schwab’s replacement will secure the future he long conspired to bring about.
In a June 2020 WEF blog post, Schwab noted that “the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a ‘Great Reset’ of capitalism.”
Observing that populations proved willing “to make sacrifices” during the pandemic, Schwab indicated “the will to build a better society does exist.”
“We must use it to secure the Great Reset that we so badly need,” continued Schwab. “That will require stronger and more effective governments.”
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