World Economic Forum Chairman Klaus Schwab decided to step down on Monday, April 21, after 55 years of service in the Geneva-based institution, according to the official release.
The board of directors have appointed Peter Brabeck-Letmathe as the interim Chairman for the institution until they find a future Chairman through a selection committee process.
“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,” said Schwab, according to the official announcement.
