• Klaus Schwab has stepped down as Chair of the WEF after 55 years.
• Peter Brabeck-Letmathe appointed as interim chair.
• The WEF seeks a future chair through an established committee.
• Schwab emphasized the need for inclusive dialogue amid global transformations.
• The WEF has faced criticism for perceived elitism in recent years.

Klaus Schwab, the founder of the World Economic Forum (WEF), has officially resigned as Chair and member of its Board of Trustees, effective immediately. The Geneva-based organization announced his departure following a message in which Schwab reflected on his tenure, stating, "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" according to Indiatimes.

The WEF's board responded to Schwab's resignation in an extraordinary meeting held earlier this month, unanimously appointing Vice Chairman Peter Brabeck-Letmathe as the interim chairman. A search committee has been tasked with finding a suitable successor to lead the organization into its next phase, emphasizing the importance of ongoing dialogue in today's rapidly changing world according to Anadolu Agency.

Schwab established the WEF in 1971, aiming to create a platform for cooperation among government officials and business leaders to address pressing global challenges. The organization is known for its annual meetings in Davos, Switzerland, which have increasingly drawn criticism for being elitist and disconnected from the broader public, a point noted by various sources highlighting the Forum's perceived role in globalization according to TRT Global.

In recognition of Schwab's enduring impact, the board acknowledged his "outstanding achievements" over the past 55 years, underscoring the vital role of the WEF as a facilitator of global dialogue and progress. The board expressed gratitude for Schwab's relentless leadership at the Forum, noting that the need for inclusive conversations has never been more critical in navigating complex global issues according to Dawn.