Klaus Schwab, the founder of the World Economic Forum (WEF), announced he will step down as chairman of the organization, known for its annual Davos meetings.

Schwab, 87, will transition to a non-executive role as Chairman Emeritus, the WEF confirmed on Monday.

Schwab founded the WEF in 1971, creating a platform for global leaders to discuss economic and social issues. The forum’s Davos gatherings have become a key venue for world leaders, CEOs, and policymakers to address pressing global challenges.

In a statement, Schwab said, “It has been an honor to lead the Forum for over five decades. I am confident in the organization’s future under new leadership.”

The WEF’s board will appoint a successor in the coming months, with the transition expected to be completed by the 2026 annual meeting.

The organization emphasized that Schwab’s vision will continue to guide its mission of fostering global cooperation.

The announcement comes as the WEF navigates a shifting global landscape, with increasing focus on climate change, technological disruption, and geopolitical tensions.

The Forum’s next meeting, scheduled for January 2026, is expected to set the tone for its new chapter.