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,

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.

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.