Zurich (TDI): The founder of World Economic Forum, Klaus Schwab, has announced his departure from the Chairmanship of the organization.
The announcement was made public on Monday.
World Economic Forum is an international platform, which gathers all global business and political elites in Davos every year, to strengthen economic cooperation and integration among countries.
The institution had announced last month that Klaus Schwab would soon be stepping down from his position, without indicating any timeframe.
In the official statement released by the World Economic Forum, Klaus Schwab stated, “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.”
Read More: Same App, New Leak: Pentagon Chief Under Fire Again
The resignation was approved by the World Economic Forum at an extraordinary meeting held on April 20, said the statement.
Vice Chairman, Peter Brabeck-Letmathe, has been nominated as the interim chairman until the new chairman is elected by the institute.
A committee has been established to appoint the next chairman.
In 1971, Klaus Schwab founded the World Economic Forum with the goal of providing a global forum to the policymakers and top corporate executives to deal with major global economic issues.
Appraising the contributions of Klaus Schwab, the statement read, “The Board acknowledged the outstanding achievements of the retired Chairman and Founder of the World Economic Forum, Klaus Schwab. He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum.”
Furthermore, the WEF highlighted the need for an inclusive approach, especially at the 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.”
Read More: Hungary Lifts Visa Requirement for Pakistani Diplomats
The Board of Trustees of the World Economic Forum also highlighted the significance of remaining committed to World Economic Forum’s mission and values as a facilitator of progress.
The Forum further announced that it would continue to bring together leaders from all segments and regions to exchange insights and foster collaboration.
World Economic Forum has widely been recognized as an institute that promotes globalization.
However, in the last few years, its annual gathering in Davos has received disapproval from critics, who have termed the institution as elitist and isolated from the ordinary people.
Javaria Khalid is a writer and researcher, who specializes in Pakistan's Foreign Policy Analysis, transatlantic geopolitics, and Pakistan’s relations with the European countries and the EU. She can be reached at javariakhalid011@outlook.com
