World Economic Forum founder and chairman Klaus Schwab resigns with immediate effect

Klaus Schwab, the Founder and Chairman of the World Economic Forum’s (WEF) Board of Trustees, has officially stepped down after 55 years of leadership at the Geneva-based organization.

Schwab, who is turning 88, notified the Board of Trustees that he would be resigning from his role effective immediately.

“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 Forum.

At a special meeting held on April 20, the Board of Trustees acknowledged Schwab’s decision. In line with the Forum’s Rules and Regulations, Vice Chairman Peter Brabeck-Letmathe was unanimously appointed as Chairman ad interim. The Board also formed a Search Committee to identify a new permanent Chair.

“With the world undergoing rapid change, the need for inclusive dialogue to address complexity and shape the future is more important than ever. The World Economic Forum’s Board of Trustees reaffirmed its commitment to the organization’s mission and values as a platform for progress,” the Forum stated in a press release on Monday.

Earlier this year, the Forum held its Annual Meeting in Davos-Klosters, which brought together over 350 government officials, including 60 heads of state and government.

U.S. President Donald Trump delivered a special address at the gathering, just three days after his inauguration as the 47th president.

During his remarks, Trump said his administration was working to end “economic chaos” and pledged to make the U.S. “stronger, wealthier, and more united than ever before.” He outlined plans to lower oil and gas prices, roll back regulations, cut taxes for domestic producers, and place tariffs on foreign products.

According to The Wall Street Journal, the Forum has been implementing leadership changes following a Board review of a workplace culture investigation.