ZURICH: Klaus Schwab, founder of the World Economic Forum which gathers the world`s business and political elite in the Swiss mountain village of Davos every year, has resigned as chair of its board of trustees, the WEF said on Monday. The Geneva-based institution had announced earlier this month that Schwab, 87, would be stepping down, without indicating a timeframe.

`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,` Schwab said in a statement released by the WEF. The WEF board said in the statement that it had accepted Schwab`s resignation at an extraordinary meeting held on April 20, and that Vice Chairman Peter BrabeckLetmathe would become the interim chairman. A committee to appoint a future chair has been established.

Schwab established the WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues.

Widely regarded as a cheerleader for globalisation, the WEF`s annual Davos gathering has in recent years drawn disapproval from critics as elitist and removed from ordinary people.-Reuters