World Economic Forum founder and chairman Klaus Schwab has announced he will step down, with "immediate effect."

Klaus Schwab, the founder of the World Economic Forum, best known for hosting an annual meeting of political, business and other elites in the Swiss Alpine town of Davos, is retiring as chairman more than a half-century after creating the Geneva-based think tank, the forum said Monday.

The forum quoted Schwab, 87, in a statement as saying he was stepping down “with immediate effect.”

Former Nestle Chairman and CEO Peter Brabeck-Letmathe was unanimously selected as interim chairman by the forum’s board at a special meeting on Sunday, the statement said. A search committee has been set up to choose a permanent successor.

Schwab, 87, founded the World Economic Forum in 1971 as the "European Management Forum," renamed as the "World Economic Forum" in 1987. The annual Davos meeting of that forum has been attended by major world leaders ever since, including President Trump.

The forum’s annual gathering in Davos has for decades served as a global hub where decision-makers, academics, leaders of international organizations, and elite business executives rub shoulders to discuss government policy, global crises and deal-making.

The gathering, typically in January, has hosted a long list of world leaders under Schwab’s 55-year tenure, including President Xi Jinping of China, Vladimir Putin of Russia, Donald Trump of the United States, and many more heads of state and government.

It's unclear at this point whether the annual Davos meeting will continue.

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The World Economic Forum released a statement:

The Board acknowledged the outstanding achievements of the retired Chairman and Founder of the World Economic Forum, Klaus Schwab. He created the leading global platform for dialogue and progress, and the Board expressed its gratitude for his 55 years of relentless leadership at the helm of the Forum.

At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical. The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.

Boil all that bureaucratese down and you get "The World Economic Forum will continue business as usual." 

The phrase "You'll own nothing and you'll be happy," often attributed to Schwab, did indeed emerge from the World Economic Forum but is most often attributed to Ida Auken of Denmark, who used the phrase in a 2016 essay about the "sharing economy." The Forum published Auken's essay, titled "Welcome to 2030. I own nothing, have no privacy, and life has never been better." That, it would seem, is what "business as usual" will continue to look like in Davos. No thanks!

As of this writing, there has been no comment from the Trump administration.

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