Lagarde discussed early ECB exit for World Economic Forum
LONDON
European Central Bank (ECB) President Christine Lagarde has discussed leaving her post early to take the helm of the World Economic Forum, WEF founder Klaus Schwab told the Financial Times.
Schwab, who abruptly resigned as chairman of the WEF last month, spoke of his efforts to convince Lagarde to cut short her term at the ECB in an article published on May 28.
The ECB, though, said Lagarde was "determined" to finish her term, which ends in 2027, while a WEF spokesperson declined to comment.
Schwab resigned as chairman of the WEF in April and it later surfaced that the forum had launched an investigation into fraud allegations against him, which he denies.
He told the FT in an interview that he had discussed "for several years" plans for Lagarde to succeed him as head of the WEF.
Schwab told the FT that practical arrangements, including an apartment in Switzerland, were made for Lagarde to take over as WEF chairwoman before her ECB term ends.
About the apartment, the WEF spokesperson said "this is new information to us," adding that the venue was currently being used by the organisation's staff.
The WEF said last month that its audit and risk committee decided to launch an independent investigation following a whistleblower letter containing allegations against Schwab.
The Wall Street Journal reported that the letter included allegations that Schwab asked junior staff to withdraw thousands of dollars in cash from ATMs for him and used forum funds to "to pay for private, in-room massages at hotels."
