The 86-year-old German engineer and economist founded the WEF in 1971 under its original name, the European Management Forum. A person connected to the WEF shared with Semafor a May 21 email by Schwab to staffers that outlined his plans to step down. Schwab has been serving as the WEF’s executive chair since its establishment.
According to the email, the WEF founder will relinquish his position as executive chairman to transition to a non-executive chairmanship. He added that the change in his role is pending approval by the Swiss government. A WEF spokesperson confirmed Schwab’s departure from the position in a statement, saying that he “will transition from executive chairman to chairman of the board of trustees” by January 2025.
“Since 2015, the WEF 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 statement continued.
According to Semafor, the WEF “operates much like a family business.” Schwab’s wife Hilde heads the organization’s foundation and awards ceremonies in the Swiss city of Davos, while his children are appointed to high-ranking positions.
The outlet also added that despite being a nonprofit, the WEF is a “remarkable business.” A report by Semafor from last year found that the organization brought in nearly $500 million in revenue in the year ending March 2023. It also found that the WEF had cash reserves amounting to 200 million Swiss francs ($218.36 million).
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Schwab’s departure not a cause for celebration
“In recent years, the [WEF] has shifted its focus toward the center and away from liberal politics,” Semafor previously stated, adding that the move followed the group “navigating a difficult political landscape.”
Schwab himself has kept silent about his successor as the WEF’s executive chair. However, he said that over the last year, the group’s executive board “under the leadership of [WEF] President Borge Brende has taken full executive responsibility.” Before assuming the WEF’s presidency in 2017, Brende served as minister of the environment, trade and foreign affairs in his home country of Norway.
Several conservative commentators have remarked that Schwab’s decision to step down from his leadership role in the WEF is no cause for celebration.
“Schwab stepping down may appear to be a good thing, and it probably is, but I’d be surprised if the person who takes his place isn’t just as radical and dangerous,” said Joel Ellenwood of Infinite Zeal Syndicate. “The WEF is an evil organization and should be resisted at all costs, regardless of who’s in charge.”
Kris Eriksen, a former staffer at the Legislative Assembly of British Columbia in Canada, also noted Schwab’s departure as the WEF’s executive chair. He reminded users to “never forget how he openly admitted to subverting governments and the role he has played in creating the Great Reset.” (Related: Whistleblower calls for WEF founder Klaus Schwab to be ARRESTED over “crimes against humanity.”)
Even 100 Percent Fed Up couldn’t help but point out that “despite the impending change in leadership, Schwab stepping down as executive chairman is nothing to celebrate. The WEF’s globalist agenda will move forward regardless of whoever fills the role.”
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