Klaus Schwab Steps Down as WEF Chair

Klaus Schwab, founder of the World Economic Forum, has announced his immediate resignation as Chair of the WEF board of trustees, as he turns 88. The Geneva-based institution released a statement detailing Schwab's decision to step down from his leadership role and board membership.

Klaus Schwab, the influential figure behind the World Economic Forum, has decided to step down as Chair of the board of trustees, effective immediately. The announcement comes as Schwab reaches his 88th year.

The Geneva-based World Economic Forum confirmed Schwab's decision in a statement issued on Monday, marking the end of an era for the organization he founded.

Schwab, known for his visionary leadership, stated that after announcing his intentions, he feels it is time to relinquish his roles as Chair and board member.

(With inputs from agencies.)