World Economic Forum CEO quits after Epstein links examined; Ineos Quattro earnings fall – as it happened
World Economic Forum president Borge Brende announced his resignation following an independent investigation into his contacts with Jeffrey Epstein. At the same time, Ineos Quattro reported a sharp drop in quarterly earnings, highlighting pressure on European chemical firms.
World Economic Forum (WEF) president and chief executive Borge Brende has announced his resignation after an independent review uncovered three business dinners and electronic communications with the late financier Jeffrey Epstein. Brende, who has led the Davos‑based think tank since 2017, said the decision was made to avoid any distraction for the organization as it moves forward.
Background on the investigation and Brende's ties to Epstein
The U.S. Justice Department released documents showing that Brende, a former Norwegian foreign minister, met Epstein on three occasions for business meals and exchanged emails and text messages. In a statement, Brende expressed regret for not conducting a deeper background check on Epstein, noting that he would have declined the invitations had he known the full extent of Epstein's criminal history.
The WEF’s Board of Trustees, co‑chaired by André Hoffmann and Larry Fink, commissioned an external law firm to conduct the review. The final report concluded that no additional concerns existed beyond the already disclosed interactions. The board thanked Brende for his contributions, highlighted the successful 2025 Davos meeting, and announced Alois Zwinggi as interim president while a permanent successor is identified.
Parallel developments in European industry
At the same time, Ineos Quattro – one of the three core businesses of Sir Jim Ratcliffe’s Ineos chemicals empire – reported a steep decline in fourth‑quarter earnings. Net profit fell to €77 million, down from €177 million in the prior quarter and €155 million a year earlier. The company cited weak demand, soaring energy and feedstock costs, and competitive imports as the main pressures on margins across its product range.
Ratcliffe, Britain’s seventh‑richest individual, has repeatedly criticised EU trade and climate policies, arguing that they raise energy prices and give an advantage to competitors that are not subject to green taxes. Ineos Quattro’s performance reflects broader challenges facing European chemical manufacturers, who are grappling with high input costs and a shift toward greener production methods.
Andy Currie, a co‑founder of the Ineos Group, also made headlines by putting his 217‑foot super‑yacht on the market for €85 million. Sources close to the group say the sale is a personal decision and unrelated to the company’s financial results.
Other market moves and policy headlines
In the technology sector, Nvidia posted record quarterly revenue of $68.1 billion but saw its shares dip 3.5% after investors expressed disappointment with the outlook. Meanwhile, the London Stock Exchange Group (LSEG) announced a £3 billion share‑buyback programme, its largest ever, after activist hedge fund Elliott Management pressed for stronger performance. LSEG CEO David Schwimmer emphasized that the firm is leveraging artificial‑intelligence tools to protect its data‑driven revenue streams.
British retailer Ocado disclosed plans to cut 1,000 jobs as part of a £150 million cost‑reduction drive, while advertising giant WPP announced a restructuring aimed at countering AI‑related disruption. The FTSE 100 index reached a fresh record high, buoyed by strong earnings from Rolls‑Royce, Howden Joinery and LSEG, even as Ocado’s shares fell nearly 10% on weaker cash‑flow figures.
Political and regulatory fallout from Epstein links
Brende’s resignation adds to a growing list of high‑profile figures stepping down over connections to Epstein. Recent departures include DP World chief Sultan Ahmed bin Sulayem, Goldman Sachs lawyer Kathryn Ruemmler, and former U.S. Treasury Secretary Larry Summers, who retired from Harvard after a review of his ties to the convicted sex offender.
U.S. Senator Elizabeth Warren has written to regulators urging investigations into Wall Street executives who may have facilitated Epstein’s activities, naming JPMorgan Chase, Goldman Sachs and Barclays in her letter. The push for accountability comes as the Department of Justice continues to release files related to Epstein’s network.
What’s next for the World Economic Forum?
With Brende’s departure, the WEF faces a leadership transition at a time when global economic uncertainty, energy price volatility and the rise of artificial intelligence dominate policy debates. Alois Zwinggi, currently the organization’s chief operating officer, will serve as interim president while a comprehensive search for a permanent chief executive begins.
The forum’s upcoming meetings will likely focus on how governments and businesses can navigate the twin challenges of climate policy and technological disruption, themes that have already featured prominently in recent WEF agendas.
Why it matters
Brende's exit underscores heightened scrutiny of elite networks after the Epstein scandal, while Ineos Quattro's earnings slump highlights the strain on European manufacturers from energy costs and climate regulations.
Key points
- Borge Brende resigns as WEF president after an independent review of his contacts with Jeffrey Epstein
- Ineos Quattro’s Q4 profit drops to €77 million amid high energy costs and competitive imports
- London Stock Exchange Group launches a £3 billion share‑buyback, the biggest in its history
- Nvidia’s revenue record fails to lift its share price, reflecting investor caution on AI outlook
- Several high‑profile business leaders have stepped down in recent weeks over Epstein‑related ties
Frequently asked questions
Why did Borge Brende step down as WEF CEO?
He resigned to avoid distractions after an independent investigation revealed three business dinners and electronic communications with Jeffrey Epstein, and the review found no further undisclosed concerns.
What caused Ineos Quattro’s earnings to fall sharply?
The company cited weak demand in Europe, elevated energy and feedstock costs, and competitive imports that pressured margins across its product portfolio.
Who will lead the World Economic Forum after Brende’s departure?
Alois Zwinggi, the WEF’s chief operating officer, has been appointed interim president while a permanent successor is selected.
How is the London Stock Exchange Group responding to activist pressure?
LSEG announced a £3 billion share‑buyback programme and emphasized its use of AI to protect data‑driven revenue, rejecting any immediate plans to sell its stake in Tradeweb.
