Klaus Schwab, the founder of the World Economic Forum (WEF), has resigned as chair of its trustees. The announcement came shortly after Schwab, aged 87, indicated earlier this month that he would step down, though no specific timeline was provided. In a statement, Schwab mentioned, “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 did not disclose the reasons behind his resignation. The board accepted Schwab’s resignation during an extraordinary meeting on April 20, appointing Vice Chairman Peter Brabeck-Letmathe as interim chairman while searching for a new chair. Schwab founded the WEF in 1971 to create a platform for policymakers and corporate executives to address global challenges. The annual gathering in Davos, Switzerland, became a symbol of globalization but also faced criticism for being an elitist forum disconnected from ordinary people. The WEF also dealt with negative reports concerning its internal culture, including allegations of harassment and discrimination, which were denied by the organization. Amid geopolitical tensions and shifts in global economic policies, Schwab foresaw challenges to globalization well before significant political events like Brexit and the election of Donald Trump. — new from Reuters