Klaus Schwab founded the WEF in 1971.
Klaus Schwab, the founder and executive chairman of the World Economic Forum, will be stepping down from his executive role. He will be transitioning to a non-executive role by January 2025. "By January 2025, Klaus Schwab will transition from Executive Chairman to Chairman of the Board of Trustees," the World Economic Forum (WEF) said in a statement.
"In addition, the Forum's prominent Board of Trustees will be organised around four strategic committees to further reinforce the impact of our work," it said.
The Forum's governance is also set to change as a consequence of the move and Schwab hasn't yet named a successor.
"Since 2015, the World Economic Forum has been transforming from a convening platform to the leading global institution for public-private cooperation. As part of that transformation, the organization has also been undergoing a planned governance evolution from a founder-managed organization to one where a President and Managing Board assume full executive responsibility," the forum said.
The WEF, which the 86-year-old founded in 1971, organises a yearly gathering of world leaders in finance, economy and politics in Davos, Switzerland as well as several smaller events throughout the world.