World Economic Forum (WEF) Chairman and founder Klaus Schwab (pictured) informed the organization's board of trustees that he has officially begun the process of leaving his position, the Financial Times (FT) reported on Thursday, citing sources familiar with the matter. No successor has been named yet.

"I am deeply convinced that in today's special context the forum is more important and relevant than ever before," 87-year-old Schwab allegedly wrote in the memo, referring to United States President Donald Trump's tariffs on various countries. "It is also financially very well equipped thanks to successful financial management since its beginning. What is essential now after the turmoil of the last months, is to recover our sense of mission."

Schwab's initial plan was reportedly to step down before the 2025 edition of the event in Davos. In the meantime, the organization's leadership was reshuffled amid an investigation into its workplace culture.