World Economic Forum founder and chairman Klaus Schwab has announced he will step down, with “immediate effect.”
Klaus Schwab, the founder of the World Economic Forum, best known for hosting an annual meeting of political, business and other elites in the Swiss Alpine town of Davos, is retiring as chairman more than a half-century after creating the Geneva-based think tank, the forum said Monday.
The forum quoted Schwab, 87, in a statement as saying he was stepping down “with immediate effect.”
Former Nestle Chairman and CEO Peter Brabeck-Letmathe was unanimously selected as interim chairman by the forum’s board at a special meeting on Sunday, the statement said. A search committee has been set up to choose a permanent successor.
Schwab, 87, founded the World Economic Forum in 1971 as the “European Management Forum,” renamed as the “World Economic Forum”…
