World Economic Forum founder Klaus Schwab told his staff and the company's board of trustees this week that he will step down as the organization's chairman after creating and leading it for five decades. 

His departure comes after the board investigated allegations of racism and gender-bias against women in the Forum's workplace, which was first reported last year by the Wall Street Journal. Schwab and the Forum have denied the allegations.

Schwab, who announced his plans to step down as executive chairman in May of last year, but remained on as non-executive chairman of the board, did not give a reason for his departure, but a spokesperson for the WEF told the Wall Street Journal that the organization is already beginning its search for a new chairperson and expects the full process will be completed by January 2027.

Schwab, author of The Great Reset, is viewed by many conservatives as the ultimate globalist, which made President Donald Trump's speech at the WEF's annual gathering in Davos, Switzerland, just days after he was inaugurated to his second term as president this past January, must see TV. 

The chairman's departure is not the first change that the WEF has made to its leadership recently. The Wall Street Journal reported that the organization is also losing its chief legal officer Nicola Port, and technology and digital services head Malte Godbersen.

The exit comes shortly after World Economic Forum CEO Børge Brende said that he is committed to addressing the leadership issues identified by the workplace investigation, which did not substantiate the allegations against its founder. 

“Over these past months, we have taken time—time to pause, to listen, and to reflect,” Brende said in the memo announcing the executive changes. “This period of reflection has been grounded in a desire not just to do things differently, but to do them better.”

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.