The founder of the World Economic Forum, Klaus Schwab, left the presidency after more than 50 years in command. “I have decided to resign from my position as president and member of the Board of Directors with immediate effect,” Schwab declared, 87, in the statement.
Although they did not give major explanations about their departure, The Wall Street Journal said that he is currently being investigated by the organization he founded, After receiving a new letter of complainants that alleges inappropriate financial and ethical conduct by the leader and his wife, who have been associated with the organization for a long time.
The Anonymous Charter was sent last week to the Board of Directors, raising concerns about governance and work culture. According to the letter, it is stated that the Schwab family combined personal issues with resources of the World Economic Forum without due supervision.
Among the accusations it is included that Klaus Schwab would have requested lower rank employees to withdraw money from ATMs in his name, and that funds were used to pay private massages in hotels rooms. In addition, it is alleged that his wife Hilde, who previously worked there, organized meetings financed by the organization to justify luxury trips, paid by the organization.
According to the newspaper, in recent days, Klaus Schwab expressed his opposition to the investigation, ensuring the members of the Board that categorically rejected the accusations, to which he described as unfounded, and expressed his intention to legally challenge them.
The Board decided to initiate a formal investigation during an emergency meeting held on Easter Sunday. Given this decision, Schwab chose to immediately resign from his position as president, instead of staying in the position during the originally planned transition period.
