Klaus Schwab, the President of the World Economic Forum’s Council, announced his immediate resignation on Easter Sunday. He cited his age as the reason for his decision. “Following my recent announcement and at the beginning of my 88th year, I have decided to step down from the position of President and as a member of the Council with immediate effect” the WEF stated on Monday. The Council has taken note of his resignation and unanimously appointed Peter Brabeck-Letmathe as interim president. Brabeck-Letmathe had previously served as the vice-president of the WEF and is the president of the food conglomerate Nestlé. The WEF is considered an important influencer in economic policy issues. However, both the WEF and its President Klaus Schwab are controversial. Annually, high-ranking representatives from politics and economics gather in Davos, Switzerland, at the invitation of the WEF to exchange ideas and coordinate. Critics argue that Schwab and the WEF are not democratically legitimized and primarily serve the interests of a small, financially powerful elite. The WEF was particularly criticized in 2020, which took place under the motto “The Great Reset.” The forum aimed to make proposals for a global economic and social restart after the COVID-19 crisis subsided. The WEF was accused of using the COVID situation to install an informal world government in which a small elite steers the global economy and societal developments in their favor. Schwab had already announced in May of last year that he planned to step down as President of the WEF Council. Further information will follow.
Brabeck-Letmathe Takes Over
