After a law firm looked into the matter, the World Economic Forum (WEF) decided that its founder, Klaus Schwab, did not do anything improper. The investigation started after Schwab suddenly quit in April because of rumors of possible wrongdoing.
The WEF said in a statement that the review found “no evidence of material wrongdoing” by Schwab, but that the organization’s governance model needs to change. The review also found no proof that Schwab’s wife, Hilde, did anything wrong. The WEF said that “minor irregularities, stemming from blurred lines between personal contributions and Forum operations, reflect deep commitment rather than intent of misconduct,” and promised to make its administration better.
The announcement ends a public disagreement between Schwab and the board of the WEF. There were accusations that the 87-year-old had utilized the forum’s resources for his own purposes. The fight got worse when Schwab said the board had told the media about the probe.
After the review, the WEF said that Larry Fink of Blackrock Inc. and Andre Hoffmann of Roche Holding AG will be the new interim co-chairs of the board of trustees. Peter Brabeck-Letmathe, the interim chairman, is stepping down and they will take his position. In a joint statement, the two said they were “still hopeful” about the future of the forum. The next Davos meeting will be held in January 2026.