Ankara: Klaus Schwab, founder of the World Economic Forum (WEF), also known as the Davos Summit, has stepped down from the chairmanship and his position on the board of the WEF, the forum announced on Monday. Schwab, who is entering his 88th year, stated he would be stepping down immediately from his leadership roles. According to Anadolu Agency, the board has unanimously appointed Vice Chairman Peter Brabeck-Letmathe as chairman ad interim and has set up a search committee to select a future chair. The board acknowledged Schwab's outstanding achievements, noting his creation of a leading global platform for dialogue and progress, and expressed gratitude for his 55 years of leadership. The board emphasized the importance of inclusive dialogue in navigating the complexities of a rapidly transforming world. It reiterated the World Economic Forum's mission to facilitate progress by bringing together leaders from different sectors and regions to exchange insights and foster collaboration. In May 2024, Schwab a nnounced his decision to step back from his executive role. Schwab founded the World Economic Forum in 1971, and it has since held annual meetings in Davos, Switzerland and occasionally in other locations. Peter Brabeck-Letmathe, the new interim leader, is an Austrian businessman and chairman emeritus at Nestle. He served as Nestle's chairman and CEO from 1997 until 2008 and has also led the Formula One Group as chairman, organizing Formula One races.