The World Economic Forum confirmed Tuesday that founder Klaus Schwab is shifting away from the day-to-day administration of the group after greater than 50 years on the helm.

The discussion board mentioned that the transfer was a part of a years’ lengthy technique to change its administration construction, shifting governance to a president and managing board. Børge Brende is at present president of WEF.

The discussion board didn’t reveal who would succeed Schwab and turn into the face of its elite annual assembly in Davos, Switzerland.

“Since 2015, the World Economic Forum has been transforming from a convening platform to the leading global institution for public-private cooperation,” WEF mentioned in a press release to CNBC.

“As part of that transformation, the organisation has also been undergoing a planned governance evolution from a founder-managed organization to one where a President and Managing Board assume full executive responsibility,” it added.

The non-profit assume tank confirmed that Schwab would transition to a role as chairman of the board of trustees. It added that the board could be organized round 4 strategic committees “to further reinforce the impact of our work.”

WEF mentioned the change in management shall be accomplished earlier than the subsequent Davos gathering in January 2025.

Schwab’s plans have been initially introduced in an e mail to workers on Tuesday, in accordance to a report from news outlet Semafor.

The 86-year-old’s succession has been the supply of a lot hypothesis over latest years, with potential replacements together with his kids or Brende. However, the group has, till now, been tight-lipped over its intentions till now.

Schwab, a German engineer and economist, established the discussion board in 1971 and in addition served as its executive chairman.

Then generally known as the European Management Forum, it was initially designed as a spot for European enterprise leaders and authorities officers to collect and talk about bolstering their competitiveness with the U.S.

Over the years, its annual Davos gathering has turn into a must-attend occasion for the worldwide elite. It goals to convey world leaders and enterprise heads collectively to deal with necessary points. Key conferences on the occasion have included the primary ministerial talks between North and South Korea, and the origins of campaigns such because the Global Health Initiative to fight AIDs, tuberculosis and malaria.

It has since confronted criticism, nonetheless, for failing to symbolize various voices and make progress on international points comparable to local weather change and wealth inequality, and demonstrators protest on the mountain resort annually.

In its assertion Tuesday, WEF mentioned the structural modifications “underscore our institutional continuity in providing an independent and impartial platform to address the complex challenges of an interconnected world.”