WATCH THE VIDEO HERE The World Economic Forum said on Monday that its founder Klaus Schwab has stepped down from the board, turning a page in the history of the organisation that hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos. Schwab informed the WEF’s board that “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 stepped down as executive chairman last year, with former Norwegian foreign minister Borge Brende taking over daily management. The WEF said Vice Chairman Peter Brabeck-Letmathe was appointed board chairman in the interim and that a search committee for replacement had been appointed. WEF’s board hailed Schwab’s “outstanding achievements” in his 55 years as the leader of the organisation. “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,” it said in a statement. “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.
World Economic Forum founder, Klaus Schwab, exits board
