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,

Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.