Klaus Schwab, the founder and long-serving chairman of the World Economic Forum (WEF), has officially resigned from his role. At 87, Schwab announced his decision to step down as both chair and member of the Board of Trustees, effective immediately.

During a special board meeting held on April 20, the board acknowledged his resignation and unanimously appointed vice chairman Peter Brabeck-Letmathe as interim chair. A committee has also been formed to begin the search for Schwab’s permanent successor.

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The board expressed deep appreciation for Schwab’s remarkable contributions over the past 55 years. He was praised for building a globally respected platform for international dialogue and cooperation.

The WEF emphasized the importance of continuing its mission to foster inclusive dialogue and progress, especially during times of global uncertainty and rapid change.

Schwab founded the WEF in 1971. Today, it operates across major global cities and is best known for its annual gathering in Davos, Switzerland, where influential figures in business, politics, and economics come together to address global challenges.