Founder of the World Economic Forum, Klaus Schwab, has been rudely ejected from the WEF. The US asset manager Blackrock is taking the helm.
It was textbook.
First there were accusations of a toxic working environment at the World Economic Forum WEF in the US business newspaper “Wall Street Journal”.
Succession at the successful project
When this did not lead to any personnel consequences at the top of the WEF around Klaus Schwab, interested parties followed up with financial irregularities.
In the background, however, is the question of who should continue the successful project after the departure of WEF founder Schwab, as was reported by muula.ch.
Every year the business elite meet in the winter sports paradise of Davos, and the WEF now has local branches in many regions of the world.
All of this is thanks to Schwab, a professor of economics from Geneva. However, the Americans of “Wall Street” are increasingly displacing the Europeans, who also attach importance to environmental protection or social ethics, for example.
Hildebrand on Board of Trustees
Christine Lagarde, head of the European Central Bank (ECB), is one of the candidates to succeed the German, Schwab.
However, not everyone wants to see the Frenchwoman at the head of the WEF.
As she can hardly leave her ECB post at the moment due to the economic turmoil, so Blackrock seized that opportunity and positioned another of its own men.
Blackrock CEO and Chairman Larry Fink already sits on the WEF Foundation Board. The former Chairman of the Swiss National Bank, Philipp Hildebrand, joined the WEF Foundation Board last week, the organization confirmed to several media outlets.
The WEF explained that his commitment to Switzerland’s political and economic institutions set him apart.
Missing paintings
The WEF did not mention the affair that led to Hildebrand’s resignation from the Swiss National Bank (SNB).
He was effectively dismissed because his then wife had bought half a million dollars in 2012, which shortly afterwards appreciated significantly due to the SNB’s decision to introduce a minimum euro exchange rate.
After leaving the SNB, Hildebrand joined the world’s largest asset manager, the US company Blackrock. He still holds a senior position there.
Since 2022, Hildebrand has also been President of the Zurich Art Society, during whose term of office two paintings disappeared from Switzerland’s largest museum, reported by muula.ch.
Foundation assets used privately?
87-year-old WEF founder Schwab must now watch his life’s work go down the drain.
A whistleblower has accused Schwab of systematic governance misconduct. Schwab and his wife are said to have paid for private luxury trips via the WEF and privately used a property in Geneva purchased by the WEF for their own purposes.
Schwab, who denies all allegations, may yet be granted a dignified exit with Blackrock’s appointment to the Foundation Board.
In addition to Lagarde, the Board of Trustees includes other personalities such as former Nestlé CEO Peter Brabeck, Axa Group CEO Thomas Buberl, Roche heir André Hoffmann and former US Vice President Al Gore.
Blackrock has taken a big step forward with Hildebrand joining the WEF Foundation Board and Schwab’s successor will certainly be appointed soon.
19.05.2025/kut./ena.
