Klaus Schwab, Founder and Chairman of the World Economic Forum’s (WEF) Board of Trustees, has officially resigned after 55 years of service in the Geneva-based institution.

Schwab, who is entering his 88th year, informed the Board of Trustees of his decision, effective immediately.

“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,” Schwab stated in an official release from the Forum.

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At an extraordinary meeting on 20 April, the Board of Trustees noted Klaus Schwab’s resignation. In accordance with the Forum’s Rules and Regulations, the Board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim. It also established a Search Committee to select a future Chair.

“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. The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress,” the institution said in a press release on Monday.

In January, the World Economic Forum held its Annual Meeting in Davos-Klosters. The event brought together over 350 government leaders, including 60 heads of state and government.

U.S. President Donald Trump made a special address at Davos just three days after being inaugurated as the 47th president.

Trump said his administration is working to fix the ‘economic chaos’ and will make the U.S. ‘stronger, wealthier and more united than ever before’.

He added that he would work to bring down oil and gas prices, eliminate regulations, introduce tax cuts for domestic producers, and impose tariffs on foreign goods.

The Wall Street Journal reports that the World Economic Forum has been making leadership changes recently after the Board reviewed the results of a workplace culture investigation.

The probe followed a Journal article last year in which employees accused the organization of discriminating against women and Black people.

The Forum denied the report, and founder Klaus Schwab rejected the claims against him.

In a recent memo, CEO Børge Brende said the investigation didn’t confirm the allegations against Schwab but did highlight leadership issues that the Forum plans to address.

A spokesperson told WSJ that the Forum is now looking for a new chair and plans to complete the process by January 2027.

Several top executives are leaving, including Chief Legal Officer Nicola Port, tech and digital services head Malte Godbersen, and Managing Director Olivier Schwab, the founder’s son. His daughter Nicole Schwab also left the Forum in December.

The WSJ report added, citing a staff memo, that two senior managing directors—Saadia Zahidi and Jeremy Jurgens—had some of their duties reduced as part of a recent reorganization.

“Over these past months, we have taken time—time to pause, to listen, and to reflect,” Brende said in the memo. “This period of reflection has been grounded in a desire not just to do things differently, but to do them better.”

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This article World Economic Forum Chair Klaus Schwab Resigns After 55 Years, Interim Successor Takes Over originally appeared on Benzinga.com

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