Klaus Schwab, founder and chair of World Economic Forum, retires after 55 years

· UPI

April 21 (UPI) -- The chairman of the World Economic Forum will step down "with immediate effect," the Swiss-based non-governmental organization announced Monday.

On Sunday, during a special meeting, the board of trustees of the World Economic Forum accepted the resignation of its longtime leader Klaus Schwab.

"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 said Monday in a statement.

Meanwhile, the board appointed its vice chair, Peter Brabeck-Letmathe, to act as interim chair while a search committee has been tasked with picking a future chair "in accordance with the Forum's Rules and Regulations."

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Schwab, then a business professor at the University of Geneva, founded the global NGO and think tank in January 1971.

The board, which includes ex-U.S. Vice President Al Gore and Jordan's Queen Rania, took note that Schwab created the "leading global platform" for "dialogue and progress" during his 55 years of "relentless leadership at the helm of the Forum."

"At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical," the board of trustees wrote.

In January at the most recent World Economic Forum in Davos, it was overshadowed by the Trump administration's second arrival amid ominous warnings over trade wars and Trump's later decision to pull the United States out of the Paris climate agreement for the second time.

The forum said how war is top of the list of worries in its global risk reports which keeps risk experts awake at night amid elevated geopolitical tensions and division.

European Commission President Ursula von der Leyen warned in a speech the world had entered a "new era of harsh geostrategic competition" that would see other nations resort more frequently to protectionist levers of sanctions, export controls and inflationary tariffs.

On Monday, the board underlined the importance of "remaining steadfast in its mission and values as a facilitator of progress."

"Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration," it added.