Geneva, 22 April 2025 (dpa/MIA) - 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, I have decided to step down from my position as chairman and as a member of the Board of Trustees with immediate effect," the WEF quoted him as saying in a statement.

The board has entrusted Vice Chairman Peter Brabeck-Letmathe with Schwab's duties on an interim basis.

The German economist's departure comes at a time when public interest in the annual meeting of the international political and economic elite in the Swiss luxury ski resort is waning. The WEF has recently been increasingly overshadowed by the Munich Security Conference.

The Board of Trustees expressed its gratitude to Schwab for 55 years of "tireless leadership" of the WEF. In a time of rapid change, dialogue is more important than ever to manage complexity and shape the future, it said.

The World Economic Forum says that it wants to "improve the state of the world." It is a foundation established by Schwab in 1971 and has become one of the most important gatherings for leading politicians, managers, scientists and civil society representatives from around the world.

The WEF is based in Geneva. It employs 600 people worldwide in Geneva, New York, Beijing and Tokyo.

Photo: EPA