A board decision to investigate allegations of financial and ethical misconduct by Klaus Schwab and his wife prompted his resignation this week.

The World Economic Forum said on Monday that its founder Klaus Schwab has stepped down from the board. This turns a page in the history of the organization that hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos.

Klaus Schwab, founder of the World Economic Forum which gathers the world's business and political elite in the Swiss mountain village of Davos every year, has resigned as chair of its board of trustees,