The World Economic Forum founder Klaus Schwab, will "start the process" of stepping down as chair of its board of trustees, a spokesperson for the Geneva-based institution told Reuters, Report informs.
Schwab said the forum, which convenes annual gatherings in the Swiss resort of Davos, must recover its "sense of mission" after a period of turmoil, the Financial Times first noted, citing a letter to trustee board members and confirmation by two people with knowledge of the situation.
He did not give a timeline for his departure from the organization, but the WEF said in a statement to the FT that the process should be completed by January 2027.
Schwab will remain in this role until a successor is appointed, the WEF spokesperson told Reuters, without providing a timeline.