World Economic Forum (WEF) founder and Executive Chairman Klaus Schwab decided to step down, Semafor reported on Tuesday citing a letter he sent to staff. Schwab has led the organization since its founding in 1971 and oversaw its influential annual meetings in Davos, Switzerland, Paralel.Az reports citing BBN.

According to the letter, Schwab intends to step down before the next Davos summit in 2025. He said he will move to a non-executive chairman position but did not name a successor.