Klaus Schwab Stepping Down at WEF After Accusations of Racism and Misogyny

World Economic Forum founder Klaus Schwab told his staff and the company’s board of trustees this week that he will step down as the organization’s chairman after creating and leading it for five decades.

His departure comes after the board investigated allegations of racism and gender-bias against women in the Forum’s workplace, which was first reported last year by the Wall Street Journal. Schwab and the Forum have denied the allegations.

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Schwab, who announced his plans to step down as executive chairman in May of last year, but remained on as non-executive chairman of the board, did not give a reason for his departure, but a spokesperson for the WEF told the Wall Street Journal that the organization is already beginning its search for a new chairperson and expects the full process will be completed by January 2027.