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Investing.com -- Klaus Schwab, the founder of the World Economic Forum (WEF), has resigned from his position as the chair of the board of trustees.
The WEF, a yearly gathering of global business and political leaders in Davos, Switzerland, confirmed Schwab’s departure on Monday.
Schwab announced his resignation in a statement released by the WEF.
He stated, "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."
The WEF board acknowledged Schwab’s resignation at an extraordinary meeting held on April 20.
It was announced that Vice Chairman Peter Brabeck-Letmathe would assume the role of interim chairman.
In addition, the WEF has formed a committee tasked with appointing a future chair.
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