The World Economic Forum (WEF) has concluded its investigation into founder Klaus Schwab, clearing him of any wrongdoing, and appointed BlackRock CEO Larry Fink alongside Roche vice-chair Andre Hoffmann as interim co-chairs of its board.
The Geneva-based body launched the probe in April after receiving an anonymous whistleblower letter alleging misconduct by Schwab, 87. The inquiry was announced just a day after he resigned as chairman, though no reason was given for his departure at the time.
For decades, Schwab has been synonymous with WEF’s annual Davos gathering of global political and business leaders, widely seen as a symbol of globalisation.
On Friday (Aug 15), the organisation confirmed its board had found no evidence of material misconduct by Schwab. It also cleared his wife and former assistant, Hilde Schwab, of any wrongdoing.
“Minor irregularities identified reflected blurred lines between personal involvement and forum operations, showing commitment rather than misconduct,” WEF said in a statement.
The Wall Street Journal, which first reported the whistleblower complaint, said concerns were raised about governance and workplace culture, including claims the Schwab family mixed personal and WEF resources. The family denied all allegations, and Schwab had filed a criminal complaint against the whistleblowers, though he now plans to drop it following the investigation’s conclusion.
The WEF also confirmed that Peter Brabeck-Letmathe stepped down as interim chairman once the probe ended.
In a joint statement, Fink and Hoffmann said they were honoured to assume the interim leadership and pledged to strengthen and reinvent the organisation.
WEF’s annual Davos forum has in recent years faced criticism across the political spectrum as being elitist and disconnected from the concerns of ordinary people.
