DAVOS: The World Economic Forum’s founder Klaus Schwab has stepped down as chair of the WEF board of trustees, the Geneva-based institution said in a statement on Monday.
“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,” a statement from WEF quoting Schwab said.
In accordance with the Forum’s Rules and Regulations, the Board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman and interim. It also established a Search Committee for the selection of a future Chair.
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