Klaus Schwab, founder of the World Economic Forum (WEF), which brings together the world's business and political elite in the Swiss mountain village of Davos every year, has resigned as chair of its board of trustees, the WEF said on Monday.
The Geneva-based institution had announced earlier this month that Schwab, 87, would be stepping down, without indicating a timeframe.
"Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect," Schwab said in a statement released by the WEF.
The WEF board stated in a press release that it had accepted Schwab's resignation at an extraordinary meeting held on April 20, and that Vice Chairperson Peter Brabeck-Letmathe would serve as the interim chairperson.
A committee has been established to appoint a future chair.
Schwab established the WEF in 1971, with the intention of creating a forum for policymakers and top corporate executives to address major global issues.
Widely regarded as a cheerleader for globalization, the WEF's annual Davos gathering has, in recent years, drawn disapproval from critics as elitist and disconnected from ordinary people.
