Regime Change at the World Economic Forum (WEF): For Better or for Worse?
On April 20, 2025, Easter Sunday, the Board of Trustees of the World Economic Forum (WEF) called for an extraordinary meeting behind closed doors.
The Board of Trustees includes among others BlackRock CEO Larry Fink, former US Vice President Al Gore, Jordan’s Queen Rania Al Abdullah and European Central Bank President Christine Lagarde as members. BlackRock is the WEF’s most important sponsor. Thus, BlackRock’s voice must weigh accordingly.
What they debated was a new Wall Street Journal (WSJ) article, apparently based on an anonymous whistleblower letter, this time accusing Klaus Schwab and his wife Hilde Schwab of misusing the WEF Foundation’s money and property for personal purposes.
Mentioned were personal massages, luxury air-travel at the WEF’s expense, for personal trips and the use of a CHF 30-million restored historic mansion, paid for with WEF money, to be used for WEF special events, but is mostly used for Klaus Schwab and his family’s personal purposes.
Mr. Schwab apparently also used junior staff to withdraw thousands of dollars from ATM machines for his personal use. Verbally quoting the WSJ: The Schwabs, “mixed their personal affairs with the Forum’s resources.”
The WSJ article also repeated accusations of discrimination, sexual harassment and nepotism within the organization, points already mentioned in a WSJ’s article about a year ago. See this.
The Board opened an immediate investigation into these allegations. Schwab said he would take legal action against the WSJ and decided – or was told – to resign immediately from the Board’s chairmanship. He stepped back last year as President and CEO of the WEF, but assumed the Chair for the Board of Trustees with a timeline through 2027. This timeline was cut short by the whistleblower and the WSJ article.
Other WEF executives, especially the Schwab’s children, also exited following a board probe into workplace culture, a topic that has plagued the WEF for years, but came to the fore the first time a year ago.
With immediate effect the Board decided on an interim replacement for Klaus Schwab, a former longtime President and CEO of Nestlé, Peter Brabeck-Letmathe. He was CEO and chairman of the Nestlé Group from 1997 to 2008. Brabeck was deputy chair of the WEF’s Board of Trustees.
Brabeck is not le
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
