From ... in Economics — Apr 24, 2025

Klaus Schwab is out; Peter Brabeck-Letmathe takes over with immediate effect

At the beginning of this month, Klaus Schwab announced that he would begin the process of stepping down as the chairman of the board of trustees for the World Economic Forum (“WEF”). He didn’t give a timeline for his departure but said the

At the beginning of this month, Klaus Schwab announced that he would begin the process of stepping down as the chairman of the board of trustees for the World Economic Forum (“WEF”). He didn’t give a timeline for his departure but said the process should be completed by January 2027.

On Sunday, at an extraordinary meeting of the WEF board, Schwab announced he was stepping down with immediate effect. Peter Brabeck-Letmathe has been appointed the interim chairman; due to his close and longstanding relationship with WEF and Schwab, his appointment could become permanent.

Who is Peter Brabeck-Letmathe?

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Peter Brabeck-Letmathe (“Brabeck”) is an Austrian businessman and former chairman and CEO of the Nestlé Group.

Writing in The Guardian in 2006, Jane Martinson noted that “Peter Brabeck-Letmathe is an unlikely bogeyman. Yet ask many food campaigners to name their least favourite corporate executive and the silver-haired Austrian at the head of the world’s largest food company, Nestlé, would come high on many lists.”

As well as Nestlé, he has also held positions on the board of directors of Credit Suisse Group, L’Oréal and ExxonMobil.

Additionally, Brabeck has been involved in various influential organisations and events. He is a member of the Attali Commission, the European Round Table of Industrialists and the London Technology Club. He is chairman of the Geneva Science and Diplomacy Anticipator (“GESDA”) Foundation, which was launched in 2015 by the Swiss Federal Department of Foreign Affairs to find ways to strengthen Geneva’s role in global governance. He is also the founder and chairman of the 2030 Water Resources Group, a public-private partnership that operates within the World Bank.

And last but not least, he has been a longstanding vice-chairman of WEF’s board of trustees. With Klaus Schwab stepping down as head of WEF’s board of trustees on 20 April, Brabeck has been named interim chairman until a new chairman has been found.

WEF has established a “Search Committee” to select a new chairman, a WEF statement said on Monday, without indicating when a new chair might be appointed. According to CEO Today, Brabeck’s close relationship with Schwab and longstanding involvement in WEF make him the clear frontrunner to become Schwab’s permanent successor.

Table of Contents

Brabeck, Nestlé and the 1973 Chilean Coup

Salvador Allende won the election in Chile and was sworn in as President on 3 November 1970. Three years later, on 11 September 1973, the military staged a coup. Known as the 1973 Chilean coup d’état (Spanish: Golpe de Estado en Chile de 1973), socialist president Allende was overthrown and a military junta led by General Augusto Pinochet was established.

The plot to overthrow Allende began a few years earlier, in the USA. In 1970, the year of Chile’s elections, the US used covert funds to prevent Allende’s election. The Nixon Administration aimed to prevent Allende from taking office or to unseat him if he did. On 15 September 1970, President Nixon gave the order to overthrow Allende, indicating the administration’s willingness to stage a coup in Chile.

The CIA developed a two-pronged strategy known as “Track I” and “Track II.”

Track I was a State Department initiative designed to thwart Allende by subverting Chilean elected officials within the bounds of the Chilean constitution, excluding CIA involvement.

Track II involved finding and supporting military officers willing to participate in a coup. The CIA provided funding and logistical support to opponents of Allende’s government, including false flag operatives with fake passports to approach Chilean military officers and encourage them to carry out a coup. These efforts culminated in the 1973 Chilean coup d’état.

Read more: United States intervention in Chile, Wikipedia via EncycloReader

Nestlé was one of the companies that faced significant challenges during Allende’s presidency due to his policies of nationalisation.

As part of the United States’ plans to overthrow the Allende government, the CIA was to destabilise the Chilean government in order to “fuel a climate conducive to the coup … The truckers’ strike movement which paralysed the country in October 1972 was financially supported by the United States. Reacting to the nationalisations carried out by the Allende government, several American firms including ITT, or international firms such as Nestlé, helped this strategy.
Peter Brabeck-Letmathe, Wikispooks

Wikispooks doesn’t provide a reference for the last statement above, and we were unable to find evidence for, specifically, Nestle’s involvement. However, a 1975 Senate report referred to an anti-Allende businessmen’s organisation and the US government seeking help from American businesses multiple times. For example:

As part of its programme of support for opposition elements during the Allende government, the CIA provided money to several trade organisations of the Chilean private sector. In September 1972, for instance, the 40 Committee authorised $24.000 in emergency support for an anti-Allende businessmen’s organisation. At that time, supporting other private sector organisations was considered but rejected because of the fear that those organisations might be involved in anti-government strikes. [pg. 10]

Following the 4 September [1970] elections … The State Department was directed by the 40 Committee to contact American businesses having interests in Chile to see if they could be induced to take actions in accord with the American government’s policy of economic pressure on Chile. [pg. 13]

On 29 September 1970, the 40 Committee met … It was agreed that an attempt would be made to have American business take steps in line with the US government’s desire for immediate economic action. [pg. 25]

In October 1972, the Committee approved $100,000 for three private sector organisations – the businessmen’s organisation, associations of large and small businessmen and an umbrella organisation of opposition groups – as part of a $1.5 million approval for support to opposition groups. [pg. 30]
Covert Action in Chile 1963-1973, Select Committee To Study Governmental Operations, 1975

Nestlé is a Swiss multinational food and drink processing conglomerate. It was unlikely to be included among the US businesses that were co-opted by the CIA. However, as a large international company, perhaps Nestlé was among the businesses in one of the anti-Allende private sector organisations.

Brabeck joined Nestlé in 1968 in Austria as a salesman, later becoming a specialist for new products. He spent a significant part of his career within the group in Latin America, including 10 years in Chile from 1970 to 1980. His time in Chile was during the coup against the Allende government and the Pinochet dictatorship, first as national sales manager and later as director of marketing.

Wikispooks notes, “This places Brabeck as a senior manager at a time and place where Nestlé was helping the CIA with a coup.”

Attali Commission

The Attali Commission, also known as the Commission for the Liberation of French Growth (French: La Commission pour la Libération de la Croissance Française), was set up by French President Nicolas Sarkozy in June 2007. Its mission was to reflect on the means to revive the economic growth of France. The chairmanship of the Commission was entrusted to Jacques Attali, who chaired weekly plenary meetings at the Luxembourg Palace.

Attali, a professor of economics in many French universities, was the Special Adviser to French President François Mitterrand for 10 years. He is a socialist and a deep politician, a hidden decision-maker whose machinations generally evade scrutiny by the commercially-controlled media.

To get some indication of Attali’s mentality, it’s worth reading an article we recently published about an interview with him in 1981 where he discussed commodifying health and education. He said that the lives of people who were costing society rather than producing should “stop itself brutally. “Euthanasia will be one of the essential instruments of our future societies,” he said.

Attali has boasted about having spotted Emmanuel Macron. “Emmanuel Macron? I was the one who spotted him. I was even the one who invented him. Totally. From the moment I put him as rapporteur [of the Attali Commission], when there was the whole of Paris and the whole world, and when I didn’t turn him off, he made himself known. This is the objective reality,” he is quoted as saying in Anne Fulda’s book, ‘Emmanuel Macron, such a perfect young man’.

On the day Macron became the President of France in 2017, Forbes noted that Attali’s remarks wasn’t so much the case of the new head of state being nothing more than a “straw man” shaped by François Mitterrand’s former advisor; but “it is true that Emmanuel Macron’s irruption – in the eyes of insiders – in conversations dates from that time.” “That time” refers to the beginning of the Attali Commission when Macron was working in the civil service. He served as deputy rapporteur of the Attali Commission from September 2007 to January 2008, and thereafter Attali was “never very far away” from him.

Macron is not the only likely protégé or collaborator of Attali. From the outset, WEF’s new interim chairman, Austrian Peter Brabeck-Letmathe, has been a member of the French Attali Commission, which has been under the Presidency of Jacques Attali since its inception.

European Round Table of Industrialists and Bilderbergers

The European Round Table of Industrialists (“ERT”) is a lobby group in the European Union (“EU”) consisting of some 50 European industrial leaders working to strengthen the political position of big business in Europe.

From early on, ERT policy supported EU enlargement. It promoted and often led business dialogues between the EU and business circles in the US and Japan as well as in developing countries.

“As can be expected from such an exclusive lobbying group, there is a significant overlap with Bilderberg,” Wikispooks notes. One of those overlaps is Brabeck, who, as noted by multiple sources, is a member of ERT and also attended the Bilderberg annual conference in 2011.

2030 Water Resources Group

The 2030 Water Resources Group (“2030 WRG”) was launched at the WEF annual meeting in 2008. It is a public-private-civil society collaboration managed by the World Bank. It operates in 11 countries/states and has over 1,000 partners from the private sector, government and civil society.

In an introduction to 2030 WRG’s strategic plan for the years 2023 to 2025, the World Bank stated, “With a track record of over a decade, the 2030 Water Resources Group (2030 WRG) has established itself as a positive disrupter and a collaborative platform to promote water security. 2030 WRG continues to play a critical role in addressing water challenges, which are exacerbated in the context of climate change. With only eight years in the lead up to the Sustainable Development Goals (SDGs), it plans to accelerate its impact in the next phase of engagement.”

Brabeck was the founder and chairman of 2030 WRG. He founded 2030 WRG while he was chairman of Nestlé. The current chairman is Paul Bulcke, who took over as chairman of Nestlé in 2017. We were unable to find details stating when Brabeck stepped down or when Bulcke took over as chairman of 2030 WRG, but according to a Darden Leadership Speaker Series podcast recorded on 29 February 2016, Brabeck was still the 2030 WRG chairman at that time.

Brabeck’s idea of water management has caused controversy in the past. He argued for the privatisation of water, claiming that water is not a human right. Quoting Brabeck, who featured in a 2005 documentary, Truthout said:

Water, Brabeck correctly pointed out, “is of course the most important raw material we have today in the world,” but added: “It’s a question of whether we should privatise the normal water supply for the population. And there are two different opinions on the matter. The one opinion, which I think is extreme, is represented by the NGOs, who bang on about declaring water a public right.”

Brabeck elaborated on this “extreme” view: “That means that as a human being you should have a right to water. That’s an extreme solution.”

The other view, and thus, the “less extreme” view, he explained, “says that water is a foodstuff like any other, and like any other foodstuff it should have a market value. Personally, I believe it’s better to give a foodstuff a value so that we’re all aware that it has its price, and then that one should take specific measures for the part of the population that has no access to this water, and there are many different possibilities there.”
“Human Beings Have No Right to Water” and Other Words of Wisdom From Your Friendly Neighbourhood Global Oligarch, Truthout, 26 April 2013

Brabeck has since refuted that he said water is not a human right, stating that campaigners had edited the video to suit their cause and that he believed “water represented a human right for drinking and sanitation, but needed to be more properly valued when pertaining to the 98.5 per cent of the world’s freshwater supply not used for those two basic needs.”

Does Peter Brabeck-Letmathe believe that water is a human right? Nestlé,
The Bilderberg Group wants to privatise water all over the world! Peter Brabeck, CEO of Nestle: “Water access should not be a public right”, Vremuritulburi, 3 August 2015

The London Technology Club

According to Euronews, Brabeck-Letmathe is a close friend of Konstantin Sidorov, founder and CEO of the London Technology Club.

The London Technology Club is an exclusive members’ club for investors and technology professionals, creating a community of investors and industry experts, providing a platform for investing, networking and an exchange of ideas and experience.

Founded in 2018, the club is based in London, United Kingdom, and focuses on connecting private capital with venture capitalists and institutional investors to fund growth and late-stage technology companies.

According to an article published by Technology Magazine in 2022, the club has over 70 members, including well-known names; “Peter Brabeck-Letmathe, Chairman of Nestle” being one of them. At the time, the club had a combined membership net worth of over £20 billion.

Featured image: Former and current chair of the WEF board of trustees. Klaus Schwab (left). Peter Brabeck-Letmathe (right).

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Klaus Schwab is out; Peter Brabeck-Letmathe takes over with immediate effect

Brabeck, Nestlé and the 1973 Chilean Coup

Attali Commission

European Round Table of Industrialists and Bilderbergers

2030 Water Resources Group

The London Technology Club

Search Results

Bookmarks

Brabeck, Nestlé and the 1973 Chilean Coup

Attali Commission

European Round Table of Industrialists and Bilderbergers

2030 Water Resources Group

The London Technology Club

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