Klaus Schwab has informed staff and trustees that he will step down as chairman.

Klaus Schwab, founder of the World Economic Forum, has informed staff and trustees that he will step down as chairman.

His decision follows a board investigation into workplace culture at the influential Davos organization.

After leading the Forum for five decades and shaping the global elite’s annual gathering, Schwab has now begun the transition to step away.

Although he stepped down as executive chairman last May, he remained as nonexecutive chair—until now.