World Economic Forum (WEF) founder Klaus Schwab is stepping down as chairman of the globalist organization he created.
Schwab has informed the WEF’s board of trustees that he will “start the process” of stepping down as chair, a spokesperson for the Geneva-based institution revealed on Thursday.
The news comes after Schwab was recently accused of sexual harassment, racism, and misogyny by several female WEF employees.
Schwab’s decision also comes after President Donald Trump’s return to power has delivered a death blow to the WEF’s globalist agenda.
The Financial Times first reported that Schwab said the WEF, which convenes annual gatherings in the Swiss resort of Davos, must recover its “sense of mission” after a period of turmoil.
The outlet cited a letter to trustee board members and confirmation by two people with knowledge of the situation.
Schwab did not give a timeline for his departure from the organization.
However, the WEF said in a statement to the FT that the process should be completed by January 2027.
Schwab will remain in this role until a successor is appointed, the WEF spokesperson told Reuters, without providing a timeline.
Last year, Schwab said he would give up executive duties in 2025 after 55 years at the WEF.
He stated that his duties would be handed over to a team led by Borge Brende
Brende was a former foreign minister of Norway 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 to the FT.
“What is essential now, after the turmoil of the last months, is to recover our sense of mission,” he said.
Without specifying, the upheaval he was referring to appears to be Trump’s second presidential term, the report added.
However, the “turmoil” could also have been a reference to an investigation into the WEF
The Wall Street Journal last year reported that the WEF’s board was working with a law firm to investigate its workplace culture.
It came after the newspaper reported allegations of a culture of harassment and discrimination at the organization.
As Slay News reported, Schwab was accused of sexual harassment, discrimination, and various forms of inappropriate behavior by several employees.
Multiple female staffers at the WEF have gone on record to accuse Schwab of sexual harassment.
Schwab is also accused of discriminating against women and black people.
According to the Wall Street Journal, multiple staffers alleged that Schwab creates a hostile work environment.
The report quotes internal complaints, email exchanges, and interviews with staff members and people aware of the practices.
Among the allegations of discrimination was Schwab’s policy of firing employees over 50, an apparent move to lower the average age of the workforce.
The investigation found that the WEF human resources chief, Paolo Gallo, refused to comply with this directive without valid performance-related reasons.
However, when Gallo refused to comply, Schwab fired him.
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