Klaus Schwab, the founder of the World Economic Forum (WEF), has resigned from his position as the non-governmental organisation’s chair and a member of the board of trustees.

“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,” the 87-year-old said in a statement published by WEF on Monday.

Mr Schwab said in May last year that he would be stepping away from his executive role, ending his leadership at the Geneva-based organisation he established 54 years ago.

Mr Schwab created WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues. WEF is widely regarded as a cheerleader for globalisation.

The board of WEF said in a statement that it had accepted Mr Schwab’s resignation following an extraordinary meeting on Sunday. 

Also, it confirmed the appointment of Vice Chairman Peter Brabeck-Letmathe as the new interim chairman, pending a permanent replacement.

WEF has faced significant disapproval recently over its annual Davos gathering, with critics accusing the organisation of now prioritising elites over ordinary people.