The World Economic Forum appointed BlackRock CEO Larry Fink and Roche Holding’s vice-chair Andre Hoffmann as interim co-chairs of its board.

“We are honored to take on this leadership role on an interim basis at a pivotal time for the World Economic Forum. As the organization moves into a new chapter, we look ahead with clarity, purpose, and confidence in the Forum’s enduring mission,” Fink and Hoffmann said in a joint statement.

More from the joint statement:

The world is more fragmented and complex than ever, but the need for a platform that brings together business, government, and civil society has never been greater. We believe the Forum can serve as a unique catalyst for cooperation, one that fosters trust, identifies shared goals, and turns dialogue into action.

We remain optimistic. The Forum has an opportunity to help drive international collaboration in a way that not only generates prosperity but distributes it more broadly. This renewed vision can promote open markets and national priorities side by side, while advancing the interests of workers and stakeholders globally.

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We look forward to helping shape a more resilient and prosperous future, and to reinventing and strengthening the Forum as an indispensable institution for public-private cooperation.

The announcement follows the organization closing an investigation into founder Klaus Schwab, clearing him of any wrongdoing.

Reuters provided details:

The Geneva-based organisation had launched an investigation in April into 87-year-old Schwab following a whistleblower letter alleging misconduct.

The probe was announced a day after Schwab resigned as chairman. The forum at that time did not say why he was quitting.

For decades, Schwab has been the face of the WEF’s annual gathering of business and political leaders in the Swiss mountain resort of Davos, which has become a symbol of globalisation.

The WEF said on Friday that its board had completed an investigation into allegations raised by anonymous whistleblowers against Schwab and found there was no evidence of material wrongdoing by him.

WEF also did not find any misconduct by Schwab’s wife and former assistant, Hilde Schwab.

“Minor irregularities, stemming from blurred lines between personal contributions and forum operations, reflect deep commitment rather than intent of misconduct,” WEF said.

 

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