Klaus Schwab, the founder and chairman of the World Economic Forum, has resigned from his position. The organization is known, among other things, for hosting the annual World Economic Forum in Davos.

The World Economic Forum says its founder Klaus Schwab is retiring as chairman. The announcement on Monday comes more than a half-century after Schwab, 87, created the Geneva-based think tank that is best known for hosting an annual meeting of political,

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.