Axa CEO Thomas Buberl leaves World Economic Forum board

Thomas Buberl, the chief executive of French insurer Axa, has stepped down from the World Economic Forum's (WEF) board of trustees after a six-year tenure. The WEF confirmed Buberl's exit, stating that his resignation occurred in August and that the co-chairs thanked him for his contributions.

Buberl's departure comes in the wake of a contentious meeting of the 28-member board. Reports indicate a significant disagreement arose concerning the selection of successors for the current co-chairs, Larry Fink of Blackrock and André Hoffmann, who represents the owner families of Roche.

While a WEF governing committee, which included Buberl, had advocated for an open search for new co-chairs, a majority at the meeting favored Christine Lagarde, president of the European Central Bank. Lagarde has been a board member for over 18 years and is considered a favored candidate of WEF founder Klaus Schwab.

Buberl, along with former Nestlé CEO Peter Brabeck and former WEF executive director Börge Brende, had reportedly formed a group increasingly critical of Schwab. Both Brabeck and Brende had previously left the forum, leaving Buberl with fewer allies on the board. The WEF declined to comment on whether other board members had resigned following the recent meeting.