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Investing.com - The World Economic Forum announced Friday that an investigation into founder Klaus Schwab found no evidence of material wrongdoing, though it did identify minor expense irregularities.
The probe, which examined whistleblower allegations against Schwab and his wife Hilde, concluded that the irregularities stemmed from "blurred lines between personal contributions and Forum operations" and reflected "deep commitment rather than intent of misconduct," according to The Wall Street Journal, citing the WEF’s statement.
The investigation has prompted leadership changes at the Davos conference organizer, with interim chairman Peter Brabeck-Letmathe resigning after raising concerns about a "toxic" work environment in his resignation letter viewed by the Journal, following a meeting of trustees earlier this week.
BlackRock boss Larry Fink and Swiss billionaire André Hoffmann were appointed as new interim co-chairs during a meeting on Friday, as the organization seeks to move past the dispute with its founder.
Schwab had previously resigned as executive chair in April when the board launched its investigation into allegations including unauthorized spending and inappropriate treatment of female staffers, claims he denied while filing a legal complaint in Switzerland against the Forum alleging reputational damage.
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