During his long tenure, Schwab allowed an atmosphere to develop that was toxic to women and people of color, with at least six female employees fired during pregnancy or after returning from parental leave, the report read. Other women mentioned sexual harassment by senior managers and Schwab himself, the report added.
Internal complaints have also been filed after black employees were unapologetically called out, excluded from the forum, or prevented from promotion, the report read.
On May 21, the Semafor news website reported that Schwab was to leave his role, which he had been holding since the forum's foundation in 1971, and become a non-executive chairman.
The annual World Economic Forum, hosted by the Swiss city of Davos, attracts prominent figures from business, political, and academic circles from around the world to discuss the most pressing issues in global politics and the economy.