Klaus Schwab stepped down as World Economic Forum (WEF) chairman after 55 years of service in an institution which he created in 1971. The trustees have decided to appoint Peter Brabeck-Letmathe as the interim chairman till a selection committee selects a new Chairman.

The World Economic Forum says its founder Klaus Schwab is retiring as chairman. The announcement on Monday comes more than a half-century after Schwab, 87, created the Geneva-based think tank that is best known for hosting an annual meeting of political,

Klaus Schwab, founder of the World Economic Forum (WEF) in Davos, is stepping down as chairman of the forum’s Board of Trustees according to a statement issued on Monday. "Following my recent announcement and at the start of my 88th year,