Klaus Schwab has stepped down as chairman of the World Economic Forum (WEF), ending more than five decades at the helm of the organization he founded in 1971.
Known for its annual gathering of business and political leaders in the Swiss mountain resort of Davos, the WEF and its former leader became symbols of globalization.
The decision by Schwab, who turned 87 this year, to resign was announced by the WEF on Monday following an extraordinary board meeting a day earlier.
“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 told the board, according to a WEF news release.