The executive chairman and founder of the World Economic Forum (WEF) - also known as the Davos Forum - Klaus Schwab, announced that he will step down from his position before the organization's next annual meeting in 2025.

In an email accessed by Semafor, Schwab, 86, announced his decision to the WEF board. Schwab will take a lesser position within the WEF, pending approval from the Swiss government.

Schwab founded the WEF in 1971 and has chaired it ever since. Every year, it holds its annual meetings in Davos (Switzerland). The organization brings together politicians and businessmen from all over the world, including journalists and experts in different fields to discuss and examine the problems facing the planet, such as the economy and the environment.

It is not known who will take his place, but everything indicates former Norwegian Foreign Minister Borge Brende could take over.