Klaus Schwab, founder and chairman of the World Economic Forum, will be stepping away from his leadership role at the organization after more than 50 years in the position, Semafor reported Tuesday.
The WEF said the change in management structure has been years in the making.
“Since 2015, the World Economic Forum has been transforming from a convening platform to the leading global institution for public-private cooperation,” WEF told CNBC in a statement.
“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,” it added.
Schwab, 86, will move into a role as chairman of the board of trustees.
All leadership changes will be finalized prior to the next summit in Davos in January 2025, CNBC reports.
Heritage Foundation president Kevin Roberts, who traveled to Davos four months ago to tell global elites they're part of the problem, welcomed the news.
Klaus Schwab's retirement serves as a clear signal that the era of Davos-style global elitism is on notice.
— Kevin Roberts (@KevinRobertsTX) May 21, 2024
Here's what I told the WEF earlier this year 👇 pic.twitter.com/9wAEOKbPkM
#BREAKING
— Kris Eriksen 🇨🇦 (@KEriksenV2) May 21, 2024
Klaus Schwab is stepping down as Executive Chair of the World Economic Forum.
Never forget how he openly admitted to subverting governments and the role he has played in creating the great reset. pic.twitter.com/GUaW9aDArd
The collapse of global elitism is the most optimistic view of Klaus Schwab’s retirement. History demonstrates that the deep state always has someone somehow worse waiting in the wings. But let’s hope this is cutting the snake off at the head & not a more sinister regime change. https://t.co/4blppM83m4
— The Redheaded libertarian (@TRHLofficial) May 21, 2024
The WEF was able to so infiltrate our institutions because it worked in the shadows. But they overplayed their hand, and now hundreds of millions of us are awake.
— Peter St Onge, Ph.D. (@profstonge) May 21, 2024
The tide is turning, they realize they're losing, and it's delicious 🫡 https://t.co/BuNL45xBLY
🚨🌎 “I see it as a tremendous opportunity to have a Great Reset”
— Concerned Citizen (@BGatesIsaPyscho) May 21, 2024
It isn’t just Klaus Schwab who wants a ‘Great Reset’ it’s his daughter too.
You will own nothing & be happy. pic.twitter.com/XT47aCkIN3