One of the world’s most powerful men quits on day Pope dies

Klaus Schwab announced his immediate resignation today (Picture: Getty Images)

The founder of the Davos Economic Forum has stepped down today.

Klaus Schwab, the German economist who started the powerful World Economic Forum, has resigned from the top job.

The 87-year-old left the role as the chair of the forum’s board of trustees today just as the death of Pope Francis dominated the headlines.

The move won’t come as a total surprise as the Geneva-based institution had announced earlier that Schwab is planning to step down.

Schwab, whose net worth is estimated at up to £18,000,000, said: ‘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 Davos conference, which gathers world leaders and business figures in the Swiss village, will carry on as usual, with an interim chair already appointed.

Schwab was born in Nazi Germany in 1938 and he went on to become a professor of business policy and engineer.

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