The founder of the World Economic Forum (WEF) in Davos, Klaus Švab, is stepping down from his position as Chairman of the Board of Directors.
"Following my recent announcement and at the beginning of my 88th year, I have decided to step down as Chairman, as well as a member of the Board of Directors, effective immediately," the statement said.
The board of directors appointed vice president, Peter Brabek-Letmath, to temporarily take over Švab's duties.
The German economist's withdrawal comes at a time when the world's attention to the annual gathering of the international political and economic elite in the luxurious Swiss ski resort has declined. The Davos meeting has recently been increasingly overshadowed by the Munich Security Conference.
In Davos they want to "improve the state of the world"
The board expressed gratitude to Schwab for 55 years of "tireless leadership" of the Davos Forum. In times of rapid change, dialogue is more important than ever to shape the future, it said, noting that the Davos Forum aims to "improve the state of the world."
The World Economic Forum is a foundation founded in 1971 by Klaus Schwab. Over the years, it has become one of the most important gatherings for top politicians, top managers, academics and civil society representatives from around the world. Headquartered in Geneva, the Forum employs 600 people worldwide in Geneva, New York, Beijing and Tokyo.
Bonus video:
