Klaus Schwab out at WEF

Klaus Schwab, founder of the World Economic Forum, stepped down on Monday as chair of the board of trustees. The announcement, made by the WEF, follows Schwab's previous announcement that he would "start the process" of leaving the position. 

Vice Chairman Peter Brabeck-Letmathe will be the interim chairman of the Davos-based group while a new chair is sought, per Reuters. It will be up to the board to appoint a successor. A reason for Schwab's imminent departure was not given.

"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.