Klaus Schwab, the founder of the World Economic Forum, best known for hosting an annual meeting of political, business and other elites in the Swiss Alpine town of Davos, is retiring as chairman more than a half-century after creating the Geneva-based think tank,

Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.

Schwab notified the WEF's executive committee that he has decided to leave his positions as Chair and Board of