World Economic Forum (WEF) founder and executive chairman Klaus Schwab will step down from his active leadership role with the organization.

“Schwab announced his intentions in an email to staff on Tuesday that was shared with Semafor by a person connected to the organization,” Semafor reports.

Per Semafor:

He will be stepping down as executive chairman and transitioning to a role as non-executive chairman, he said, adding the change in his role is pending approval by the Swiss government.

In a statement, a spokesperson for the Forum said that the organization is “transforming from a convening platform to the leading global institution for public-private cooperation.” The Forum’s governance structure is set to change as a result of that evolution, the spokesperson said, and Schwab “will transition from Executive Chairman to Chairman of the Board of Trustees” by January 2025.

Schwab has not named his successor, but said that over the last year, the group’s executive board, “under the leadership of President Børge Brende, has taken full executive responsibility.”

Brende is a former Norwegian conservative leader.

Despite the impending change in leadership, Schwab stepping down as executive chairman is nothing to celebrate.

The WEF’s globalist agenda will move forward regardless of whoever fills the role.

“Since 2015, the World Economic Forum has been transforming from a convening platform to the leading global institution for public-private cooperation,” the WEF said in a statement to CNBC.

“As part of that transformation, the organisation 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,” the statement added.

CNBC reports:

The nonprofit think tank confirmed that Schwab would transition to a role as chairman of the board of trustees. It added that the board would be organized around four strategic committees “to further reinforce the impact of our work.”

The WEF said the change in leadership will be completed before the next Davos gathering in January 2025.

Schwab’s plans were initially announced in an email to staff on Tuesday, according to a report from news outlet Semafor.

The 86-year-old’s succession has been the source of much speculation over recent years, with potential replacements including his children or Brende. However, the organization has been tight-lipped about its intentions until now.

Schwab, a German engineer and economist, established the forum in 1971 and also served as its executive chairman.

Then known as the European Management Forum, it was initially designed as a place for European business leaders and government officials to gather and discuss bolstering their competitiveness with the U.S.

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