Klaus Schwab, founder of the World Economic Forum (Photo:epochtimesviet.com)

The WEF board said on Monday that it accepted Schwab's resignation at an extraordinary meeting on Sunday. The board expressed its gratitude for his 55 years of leadership at the helm of the Forum. Earlier this month, the World Economic Forum announced Professor Schwab’s plan to resign, although no definitive timeline was disclosed.

In accordance with the Forum’s rules and regulations, the board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim and established a search committee to select a new Chairman.

In 1971, while serving as a business professor at the University of Geneva, Klaus Schwab founded the European Management Forum – the precursor to what is now the World Economic Forum.

Held annually in Davos, Switzerland, the Forum has become a venue for policymakers and top corporate executives to tackle major global issues. Over the years, the WEF has been widely regarded as a cheerleader for globalization.