Klaus Schwab stepped down from the Presidency of the World Economic Forum economy

Klaus Schwab, founder of the World Economic Forum, announced on Monday his resignation from the Presidency of the Board of Trustees, more than half a century after his leadership of the international organization that brings together the elite business leaders, politics and thought in the Swiss town of Davos annually.

The Geneva -based forum said in an official statement, that Shawab, who is 87 years old, decided to step down immediately, adding that the Board of Trustees held an exceptional meeting on April 20, in which he officially agreed to resign.

Time to move

In a statement published by the forum, Shawab stated: “With my entry in the eight -eighth, and after the last announcement, I decided to step down the position of president and member of the Board of Trustees immediately.”

The forum had announced earlier this month that Shawab intended to leave his position, without specifying a clear date, but the announcement of today has set an official end for his long career in the organization’s leadership.

The forum stated that the Vice -President of the Council, Peter Prabik, will be held, will take over the position of the temporary president of the Board of Trustees until a permanent president is appointed.

A special committee has also been formed to appoint a new president of the council, in a step confirming that the forum is coming to an important transitional phase after decades of institutional stability under the leadership of Shawab.

Shawab and Davos inheritance

Shawab founded the World Economic Forum in 1971, as an initiative to bring together European business leaders, before turning into one of the most important global platforms for economic and political dialogue.

During the past decades, the forum played a pivotal role in shaping global discussions on globalization, sustainable development, technological innovation, climate challenges, and succeeded in attracting prominent personalities from different continents, including heads of state and governments, major companies and prominent academics.

International sensitive timing

This leadership change comes at a time when international policy is witnessing severe disturbances, especially with the United States’ being away from the international system under President Donald Trump, and the escalation of commercial and geopolitical tensions between the major powers, according to simultaneous reports from Bloomberg.

It is expected that the absence of new challenges on the forum is expected to preserve its position as a neutral platform for international dialogue, amid accelerating global transformations that may re -draw the features of the economy and politics in the coming years.