The founder of the World Economic Forum, Klaus Schwab, has resigned as president and member of the organization's Board of Directors with immediate effect, turning a page in the history of the institution known for its annual meeting in Davos, Switzerland.

According to Reuters, Klaus Schwab made the announcement on Monday (21) after revealing earlier this month that for decades he had been the face of the Davos meetingand would leave office, without giving a firm timetable.

"Following my recent announcement, and as I enter my 88th year, I have decided to step down as Chairman and member of the Board of Trustees with immediate effect," the founder said in a statement.

For its part, the Board of the World Economic Forum revealed in the same note that it had accepted Schwab's resignation at an extraordinary meeting held on April 20, with vice-president Peter Brabeck-Letmathe acting as interim president while the search for a new president began.

German-born Schwab established the World Economic Forum in 1971 with the aim of creating a platform for policymakers and senior corporate executives to address key global issues.

(Photo DR)