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WEF CEO retires......

Klaus Schwab has stepped down as chairman of the World Economic Forum (WEF), ending more than five decades at the helm of the organization he founded in 1971.

Known for its annual gathering of business and political leaders in the Swiss mountain resort of Davos, the WEF and its former leader became symbols of globalization.

The decision by Schwab, who turned 87 this year, to resign was announced by the WEF on Monday following an extraordinary board meeting a day earlier.

“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,” Schwab told the board, according to a WEF news release.

A German-born engineer and economist, Schwab is said to have created the WEF to promote public-private cooperation and global collaboration. Throughout his tenure, Schwab became widely known as a staunch advocate of interconnectedness and interdependence. He argued that international cooperation was essential to solving complex challenges such as climate change, inequality, and technological disruption.

Over the years, he transformed the annual meeting in Davos into one of the world’s most high-profile platforms. The Swiss village gradually became a fixture on the international calendar in January when political leaders, CEOs and celebrities got together to discuss the agenda for the coming year.

Under Schwab’s leadership, the WEF grew in influence but also faced criticism. The organization has been accused of elitism and of being out of touch with broader public concerns.

Schwab foresaw a backlash against globalization well before Donald Trump’s 2016 election win and the UK’s vote to leave the EU that same year. Both events are widely seen as signs of growing discontent with the global economic system.

In a 1996 opinion piece he co-authored for the International Herald Tribune, Schwab warned, “A mounting backlash against (globalization’s) effects, especially in the industrial democracies, is threatening a very disruptive impact on economic activity and social stability in many countries.”

“The mood in these democracies is one of helplessness and anxiety, which helps explain the rise of a new brand of populist politicians,” he added.

Peter Brabeck-Letmathe, former Nestle CEO and current WEF vice chairman, has been appointed interim chair while a search committee begins the process of selecting a permanent successor, the organization announced.

https://www.rt.com/business/616075-klaus-schwab-quits-wef/

 

YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.

 

         Gus Leonisky

         POLITICAL CARTOONIST SINCE 1951.

 

misconduct?....

The World Economic Forum (WEF) has launched an internal investigation into whistleblower allegations of misconduct involving its founder and former chairman, Klaus Schwab, the Wall Street Journal reported on Tuesday, citing a statement from the organization.

The report came one day after Schwab stepped down as chair of the WEF’s board of trustees without publicly explaining his decision. His resignation ended more than 50 years at the helm of the WEF, which he founded in 1971 and built into the influential host of the annual Davos summit of world leaders and chief executives.

According to the WSJ, the WEF board received an anonymous letter last week, reportedly from current and former employees, accusing Schwab and his wife, Hilde – also a former WEF employee – of financial and ethical misconduct. The letter claimed Schwab used the organization’s funds for personal expenses and instructed junior staff to withdraw cash for private use, including massages during official trips. It also alleged that Hilde Schwab used WEF money for luxury hotel stays during personal trips.

The letter raised additional concerns about Schwab’s leadership, including claims he fostered a workplace environment where sexual harassment and discriminatory behavior went unchecked.

WEF sources told the outlet that the board convened an emergency meeting on Easter Sunday and voted to open an investigation, prompting Schwab to step down – despite earlier plans for a phased leadership transition through 2027.

In a statement, the WEF confirmed the board’s unanimous decision to pursue an independent probe after consulting external legal counsel. The organization added, however, that while it takes the allegations seriously, they “remain unproven,” and it will “await the outcome of the investigation to comment further.”

A spokesperson for the Schwabs denied the allegations, stating that the family always reimbursed the organization for personal expenses during business trips. The spokesperson added that Schwab intends to sue those responsible for the letter and “anybody who spreads these mistruths,” noting that he forfeited a pension of 5 million Swiss francs ($6 million) from the WEF to demonstrate good faith.

READ MORE: Davos executives accused of using ‘N word’ around black workers — WSJ

The new claims come in the wake of similar accusations last year regarding toxic workplace culture, sexual harassment, and racial discrimination at the WEF. In March, it reported to sponsors that a review of the earlier allegations found no legal violations and did not substantiate misconduct by Schwab.

https://www.rt.com/business/616136-davos-boss-probe-misconduct/

 

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YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.

 

         Gus Leonisky

         POLITICAL CARTOONIST SINCE 1951.