The World Economic Forum (WEF) has cleared its founder, Klaus Schwab, of wrongdoing after an internal investigation and appointed BlackRock chief executive Larry Fink and Roche vice-chair André Hoffmann as interim chairs of its board.
The WEF board announced that the investigation, launched in response to allegations contained in a “whistleblower letter,” found no evidence of “material wrongdoing” by Schwab. The probe also concluded there was no misconduct by Hilde Schwab, his wife and former assistant.
Schwab stepped down from the board in April after decades at the helm of the organisation, which is best known for its annual gathering of political and business leaders in Davos, Switzerland.
The organisation acknowledged “minor irregularities” during the investigation, citing “blurred lines between personal contributions and forum operations,” but stressed these reflected “deep commitment rather than intent of misconduct.”
In its statement, the WEF said it had taken steps to “address all issues identified throughout the investigation, including strengthening governance in general.”
Fink and Hoffmann will lead the board on an interim basis as the organisation continues its leadership transition.
