BlackRock CEO Larry Fink appointed as WEF interim co-chair

Global Finance Heavyweight Larry Fink Appointed WEF Interim Co-Chair

LONDON — Larry Fink, the Chairman and Chief Executive of BlackRock, the world’s largest asset manager, has been appointed as an interim co-chairman of the World Economic Forum (WEF). The appointment, announced on Friday, sees Fink take on the influential role alongside André Hoffmann, the vice chairman of Swiss healthcare giant Roche Holding.

The move comes at a pivotal and tumultuous time for the global economy, marked by geopolitical fragmentation and rising protectionism. Fink’s appointment is part of a broader governance overhaul for the WEF, which organises the high-profile annual meeting of global leaders in Davos. The leadership change follows a recent internal review that cleared the organisation’s founder, Klaus Schwab, of any material wrongdoing. Schwab had stepped down from his position as head of the WEF’s board of trustees in April.

In a joint statement, Fink and Hoffmann acknowledged the challenging global landscape, stating: “The world is more fragmented and complex than ever, but the need for a platform that brings together business, government, and civil society has never been greater.” They expressed optimism about the WEF’s role as a “catalyst for cooperation” and its ability to “drive international collaboration in a way that not only generates prosperity but distributes it more broadly.”

The appointment of Fink, whose company manages over £8 trillion in assets, is seen as a significant development. His influence on global finance, particularly in the areas of environmental, social, and governance (ESG) investing and digital assets, is expected to bring a more finance-centric perspective to the WEF’s agenda. BlackRock has been at the forefront of the institutional adoption of cryptocurrencies through its Bitcoin and Ethereum ETFs, and Fink’s new role may signal a greater emphasis on these topics at future forums.

Both Fink and Hoffmann have a history with the WEF, having served on its board of trustees before their new appointments. Their joint vision for the organisation is to “promote open markets and national priorities side by side, while advancing the interests of workers and stakeholders globally.”

Analysts and observers suggest that the interim leadership will provide the WEF with a period of stability and a chance to redefine its priorities in a world grappling with economic uncertainty, supply chain disruptions, and the rapid evolution of technology. The new co-chairs are tasked with helping shape a “more resilient and prosperous future” and strengthening the forum as an indispensable institution for public-private cooperation.