GENEVA: Klaus Schwab, founder of the World Economic Forum (WEF), has stepped down as Chair and member of the Board of Trustees, effective immediately.

In a statement, it was revealed that the Board has appointed Vice Chairman Peter Brabeck-Letmathe as interim Chair and established a search committee to identify a permanent successor.

Schwab, who established the WEF in 1971, has been instrumental in shaping the Forum into a leading platform for global dialogue and cooperation.

The Board also acknowledged his 55 years of leadership and contributions to the organisation.

The WEF is undergoing a governance transition from a founder-led structure to one managed by a President and Managing Board, reflecting its evolution into a global institution for public-private cooperation.

The Forum remains committed to fostering inclusive dialogue and collaboration to address complex global challenges.