The World Economic Forum, which holds the yearly gathering of affluent, well-known, and powerful world leaders at the upscale Swiss ski resort of Davos, said on Monday that its founder Klaus Schwab had resigned from the board, marking a new chapter in the organization’s history.
“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 told the WEF’s board.
Last year, former Norwegian Foreign Minister Borge Brende assumed daily administration after Schwab resigned as executive chairman.
According to the WEF, a search committee has been established to find a replacement, and Vice Chairman Peter Brabeck-Letmathe has been named board chairman in the interim.
Schwab’s “outstanding achievements” throughout his 55 years as WEF’s leader were praised by the organization’s board.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” it said in a statement.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration,” it added.
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