Davos founder Schwab cleared of misconduct by WEF probe

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The World Economic Forum (WEF) board concluded there is no evidence of wrongdoing by Klaus Schwab after an independent probe into allegations that he and his wife misused Forum resources. While minor irregularities were found, the board said they reflected commitment rather than misconduct and strengthened governance measures were implemented. Schwab, 87, had already announced plans to step down. The WEF also replaced interim chairman Peter Brabeck‑Letmathe with Larry Finck and Andre Hoffmann. The investigation dismissed claims that Schwab misused funds or asked employees to withdraw cash, France 24 has reported. Schwab, founder of the WEF, is known for turning the annual Davos summit into a major international business and political forum.