Davos founder Klaus Schwab steps down as World Economic Forum chair | EUROtoday

Klaus Schwab, founding father of the World Economic Forum which gathers the world’s enterprise and political elite within the Swiss mountain village of Davos yearly, has resigned as chair of its board of trustees, the WEF mentioned on Monday.

The Geneva-based establishment had introduced earlier this month that Schwab, 87, could be stepping down, with out indicating a timeframe.

“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 mentioned in a press release launched by the WEF.

The WEF board mentioned within the assertion that it had accepted Schwab’s resignation at a unprecedented assembly held on April 20, and that Vice Chairman Peter Brabeck-Letmathe would develop into the interim chairman.

A committee to nominate a future chair has been established.

Schwab established the WEF in 1971 with the purpose of making a discussion board for policymakers and prime company executives to sort out main world points.

Widely considered a cheerleader for globalisation, the WEF’s annual Davos gathering has in recent times drawn disapproval from critics as elitist and faraway from atypical folks.