Zurich, Feb 26 - Borge Brende, who has served as president and chief executive officer of the World Economic Forum since 2017, said on Thursday that he will step down from his leadership role at the Geneva-based organisation. The announcement follows recent disclosures from the U.S. Justice Department and an independent probe into Brende's communications with convicted sex offender Jeffrey Epstein.
In his statement, Brende said he had reached his decision after careful consideration and reflected on his 8-1/2 years at the Forum. "After careful consideration, I have decided to step down as President and CEO of the World Economic Forum. My time here, spanning 8-1/2 years, has been profoundly rewarding," he said. He added that he was grateful for collaboration with colleagues, partners and constituents and that he believed the Forum should continue its work without distractions. The statement did not reference Epstein by name.
The Justice Department disclosures released recently showed that the Norwegian had met Epstein for three business dinners and had exchanged communications with him by email and text message. Those disclosures prompted the Forum to commission an independent review by outside counsel into Brende's ties with Epstein. In a separate statement, Andre Hoffmann and Larry Fink, who serve as co-chairs of the Forum, said that the outside counsel's review has been completed.
The co-chairs said the findings of the independent review indicated there were no additional concerns beyond what had already been disclosed. They also announced an immediate interim leadership arrangement: Alois Zwinggi will assume the duties of president and CEO on an interim basis. The Board of Trustees will oversee the leadership transition and is charged with driving the process to identify a permanent successor.
The World Economic Forum, which organises the annual Davos summit, has moved to stabilise its leadership following the disclosures and the subsequent inquiry. The Board's oversight of the transition and the naming of an interim chief are intended to ensure continuity of operations while the search for a new permanent leader is undertaken.
Brende, a former Norwegian foreign minister, did not mention Epstein in his resignation statement. The sequence of events includes the Justice Department disclosures about dinners and messages, the Forum-initiated independent investigation, the completion of that review by outside counsel and the announcement of Brende's decision to step down, followed by the appointment of an interim CEO and the Board's management of the succession process.
Context and next steps
The Forum's Board of Trustees will manage the leadership transition and implement a plan to identify and appoint a permanent successor. The co-chairs' statement affirmed the completion of the outside counsel's review and relayed the outcome that no further concerns were identified beyond previously disclosed matters.