Klaus Schwab resigns as chair of WEF

Klaus Schwab, founder of the World Economic Forum (WEF), has announced his resignation as chair of the WEF Board of Trustees, the WEF said in a statement on Monday, reported Xinhua.

According to the statement, Schwab has informed the board: "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."

At an extraordinary meeting held on Sunday, the board took note of Schwab's resignation and unanimously appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman. A committee has also been established for the selection of a future chair, the statement added.