Klaus Schwab steps down as Chairman and Board member of World Economic Forum

Klaus Schwab steps down as Chairman and Board member of World Economic Forum with immediate effect

Klaus Schwab stepped down as Chairman and Board member of the World Economic Forum with immediate effect.

“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," said Schwab.

"At an extraordinary Board meeting on April 20, the Board of Trustees took note of the resignation of Klaus Schwab. In accordance with the Forum’s Rules and Regulations, the Board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim. It also established a Search Committee for the selection of a future Chair," said WEF in a statement.

Schwab created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum, said WEF.

"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. The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration," added WEF.