World Economic Forum founder Schwab to retire from leadership role

The WEF, which hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos, said late Tuesday that its 86-year-old founder would soon"transition from executive chairman to chairman of the board of trustees".

Schwab later broadened the conclave by inviting top political and business leaders, representatives from leading non-governmental organisations, trade unions and civil society, assembling a prestigious Rolodex as he turned the gathering into a showcase for networking and exchanging ideas. At the last edition in Davos in January, the forum drew more than 50 heads of state and government, including Ukrainian President Volodymyr Zelensky and Chinese Premier Li Qiang, as well as European Union chief Ursula von der Leyen, US Secretary of State Antony Blinken and NATO head Jens Stoltenberg.

The event has fostered the concept of the"Davos Man", referring to the elite crowd of affluent and sometimes super-wealthy movers and shakers with global clout and reach.

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