Klaus Schwab Steps Down as WEF Chairman and Peter Brabeck Named Interim Successor.

Appointment

In April 2025, Klaus Schwab, founder of the Geneva (Switzerland)-based World Economic Forum (WEF), announced his resignation as Chairman and member of the Board of Trustees with immediate effect.


      - Following Klaus Schwab's resignation, the WEF's Board of Trustees held an extraordinary meeting, during which Peter Brabeck-Letmathe, former Chairman and Chief Executive Officer (CEO) of Nestlé S.A., was unanimously appointed as interim Chairman.

      - Peter Brabeck-Letmathe, an Austrian businessman, has been associated with the WEF as Vice Chairman of the Foundation Board.

      - Klaus Schwab, a German engineer and economist, founded the WEF in 1971, aiming to foster dialogue between political, business, and academic leaders to address global challenges.

Main Point :-   (i) Under his leadership, the WEF gained recognition for its annual meetings in Davos, Switzerland, where global leaders from various sectors convene to discuss critical international issues.

      (ii) Schwab founded the Forum of Young Global Leaders (YGL) and co-founded the Schwab Foundation for Social Entrepreneurship.

(iii) He has received several accolades for his leadership and humanitarian contributions, including the Guggenheim Humanitarian Award, the Dan David Prize, and the Global Economy Prize.

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