Klaus Schwab steps down as World Economic Forum chair

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The World Economic Forum's founder Klaus Schwab is to step down as chair of the WEF board of trustees with immediate effect, the Geneva-based institution said in a statement on Apr 21.

"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 World Economic Forum quoted Schwab as saying in a statement.