NEW DELHI/ GENEVA: The World Economic Forum on Monday announced that its founder Klaus Schwab has decided to step down as Chairperson and member of its board of trustees with immediate effect.
Schwab has been synonymous with the Geneva-based organisation he has headed since it was founded 55 years ago.
"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 informed the board.
At an extraordinary board meeting on Sunday, the board took note of the resignation of Schwab and unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim.
It also established a Search Committee for the selection of a future Chair, the WEF said in a statement.
WEF, which describes itself as an international organisation for public-private cooperation, hosts its flagship annual meeting every year in Davos and is attended by top government and business leaders from across the world, including India.
The Davos meeting is the largest such congregation of leaders from the public and private sectors, besides leaders from academia, culture and civil society, among others.
The WEF said the board acknowledged the outstanding achievements of the retired Chairman and Founder of the WEF.
"He 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," it added.
The board of trustees include Reliance Industries Chairman Mukesh Ambani, World Bank President Ajay Banga, IMF chief Kristina Georgieva, European Central Bank President Christine Lagarde, WTO chief Ngozi Okonzo-Iweala, and Singapore President Tharman Shammugaratnam, among others.
The WEF said that 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," it added.