The World Economic Forum said on Monday that its founder Klaus Schwab has stepped down from the board, turning a page in the history of the organisation that hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos.

Schwab informed the WEF’s board that “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”.