World Economic Forum Clears Schwab, Names Fink as Co-Chair

The World Economic Forum has cleared Klaus Schwab of “material wrongdoing” after a law firm conducted a review into potential misconduct of the institution’s founder.

The body also said Blackrock Inc.’s Larry Fink and Roche Holding AG vice chairman Andre Hoffmann will take over the leadership of the WEF board of trustees on an interim basis as co-chairs, according to a statement late Friday. Interim chairman Peter Brabeck-Letmathe is stepping down.