Geneva, April 21 -- Chairman of the Board of Trustees of the World Economic Forum, Klaus Schwab resigned on Monday after helming the forum for over five decades.

He informed the Board about his resignation.

"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," Klaus Schwab was quoted in a statement from the World Economic Forum.

At an extraordinary Board meeting on April 20, the Board of Trustees took note of the resignation of Klaus Schwab.

In accordance with the Forum's Rules and Regulations, the Board unanimously appointed Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim.

It also established...