Klaus Schwab, founder of the World Economic Forum (WEF) in Davos, is stepping down as chairman of the forum’s Board of Trustees according to a statement issued on Monday. "Following my recent announcement and at the start of my 88th year,

Klaus Schwab, the founder of the World Economic Forum, best known for hosting an annual meeting of political, business and other elites in the Swiss Alpine town of Davos, is retiring as chairman more than a half-century after creating the Geneva-based think tank,

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."