One day after it was reported that World Economic Forum founder Klaus Schwab, 88, resigned after Chairman after 55 years, the WSJ reports that Schwab is under investigation by the organization he created after a whistleblower alleged financial and ethical misconduct by Mr. “eat the bugs” and his wife.
In an anonymous letter from sent to the board of directors by ‘current and former Forum employees,’ Schwab and his wife are accused of commingling their personal affairs with WEF resources without proper oversight, and much more…
Among the most serious allegations:
- Schwab asked junior employees to withdraw thousands of dollars from ATMs on his behalf and used Forum funds to pay for private, in-room massages at hotels.
- His wife Hilde, a former Forum employee, scheduled “token” Forum-funded meetings in order to justify luxury holiday travel at the organization’s expense.
- The letter also raises concerns about how Klaus Schwab treated female employees and how his leadership over decades allegedly allowed instances of sexual harassment and other discriminatory behavior to go unchecked in the workplace
Other allegations include the Schwab family’s use of Villa Mundi – a luxury property bought before the pandemic by the Forum located next to the organization’s Geneva headquarters, which the whistleblower letter maintains that Hilde Schwab maintains tight control over, and which the forum paid $30 million to purchase and another $20 million to renovate – also overseen by Hilde.
In recent days Schwab is said to have railed against an investigation – telling board members that he denied the allegations and would challenge them in a lawsuit, according to the report.
Instead, the board launched a probe during an emergency meeting on Easter Sunday. In response, Schwab resigned immediately as chairman vs. staying on for an extended transition period as previously planned.
A spokesman for the Schwabs told the Journal that they deny every allegation in the whistleblower complaint, and that Klaus will file a lawsuit against whoever’s behind it – and “anybody who spreads these mistruths.”
Furthermore, Scwab says he paid the WEF back for said ‘in-room massages’, and denied the allegations about luxury travel and withdrawing funds.
According to the WEF, its board unanimously supported the decision to launch an independent investigation “following a whistleblower letter containing allegations against former Chairman Klaus Schwab. This decision was made after consultation with external legal counsel.”
“We feel compelled to share a comprehensive account of systemic governance failures and abuses of power that have taken place over many years under the unchecked authority of Klaus Schwab,” reads the letter, which states it was from current and former Forum employees.
The organizer of the annual Davos conference has been shaking up its leadership in recent weeks in response to a previous board probe into its workplace culture. In a recent memo, Børge Brende, the Forum’s CEO, said the Forum would take steps to address leadership issues identified by the prior probe and that the investigation didn’t substantiate the allegations against its founder.
A few weeks ago, Schwab, 87, said he’d step down as nonexecutive chairman of the Forum’s board, and the Forum said the succession process would be completed by January 2027. The whistleblower letter blew up that timeline.
Behind the scenes, a high-stakes boardroom drama unfolded pitting Schwab against the global powerplayers on the Forum’s board. The board includes celebrities like cellist Yo-Yo Ma and politicians like Al Gore. It also has business leaders like AXA Group CEO Thomas Buberl and Accenture CEO Julie Sweet. -WSJ
As such, it’s no surprise that Schwab’s relationship with the board had been deteriorating over the past year, according to the report.
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