The founder of the World Economic Forum Klaus Schwab has stepped down from the organization’s board of directors after more than 50 years at the helm. He will be succeeded on an interim basis by the WEF’s vice chairman Peter Brabeck-Letmathe,

The World Economic Forum says its board has given unanimous support for an independent investigation into allegations of misconduct by founder Klaus Schwab.

Klaus Schwab, Founder and Chairman of the World Economic Forum’s (WEF) Board of Trustees, has officially resigned after 55 years of service in the Geneva-based institution. Schwab, who is entering his 88th year,