Anonymous whistleblowers have leveled new accusations against WEF founder Klaus Schwab, including misappropriation of funds for personal use, prompting the foundation's board to initiate an investigation.
Schwab's sudden resignation, announced over Easter, followed an anonymous letter to the board detailing serious accusations against him and his wife. This contrasts with his previous statement that he would only step down when a suitable successor was found. Peter Brabeck, former Nestlé CEO, has assumed the role of interim president.
The WEF acknowledges the seriousness of the allegations but maintains their unproven nature, pending the investigation's outcome. The board confirmed the investigation, stating it was conducted with external legal counsel. Both Schwab and his wife deny all accusations and intend to pursue legal action.
Brabeck's role as interim president is complicated by these new allegations. While he has extensive experience with the WEF and aligns with Schwab's stakeholder capitalism philosophy, his age (80) makes his succession unlikely. Potential successors, such as Christine Lagarde, are being considered, but the search is ongoing.
The WEF is also addressing previous accusations of discrimination, settling a lawsuit with a former employee. Internal reforms, including leadership and management training, are in progress to rectify identified issues. The investigation and the search for a successor will keep the interim president, Brabeck, occupied.