Schwab resigns as head of WEF

Klaus Schwab has resigned as head of the World Economic Forum.

He has served as the chairman of the organization's board since founding it in 1971.

"Following my recent announcement, and as I enter my 88th year," Schwab said, "I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect."

According to the World Economic Forum, Vice Chairman Peter Brabeck-Letmathe will serve as chairman while the board searches for a permanent replacement for Schwab.

More to come...