Klaus Schwab Steps Down as WEF Chair

Klaus Schwab, founder of the World Economic Forum, has resigned as chair of its board after announcing earlier this month that he would step down. The WEF board accepted his resignation, and Vice Chairman Peter Brabeck-Letmathe is now interim chairman. A new chair will be appointed soon.

Klaus Schwab, the influential founder of the World Economic Forum (WEF), known for its high-profile gathering in Davos, has announced his immediate resignation as chair of its board of trustees. The announcement follows earlier indications of his plans to step down as he approaches his 88th birthday.

At an extraordinary meeting on April 20, the WEF board accepted Schwab's resignation. Peter Brabeck-Letmathe, the current Vice Chairman, will take over as interim chairman. A committee is being formed to identify Schwab's successor as the new chair.

Schwab founded the WEF in 1971 with the goal of creating a platform for leaders to address major global challenges. Despite the praise for its global engagement, the annual Davos meeting has faced criticism for being elitist.

(With inputs from agencies.)