Klaus Schwab, the founder of the World Economic Forum, said that he would be leaving his position as chair and a member of the board of trustees with immediate effect.
Since its founding 55 years ago, the Geneva-based organization he has led has been linked with Schwab.
Following Schwab's departure, the board unanimously elected Vice Chairman Peter Brabeck-Letmathe as Chairman ad interim during an extraordinary meeting on Sunday.
According to the WEF, it also created a Search Committee to choose a successor Chair.
Top corporate and government executives from all over the world, including India, attend WEF's flagship annual meeting, which is held annually in Davos and bills itself as an international organization for public-private partnership.
In addition to leaders from education, culture, and civil society, the Davos meeting is the biggest gathering of leaders from the public and corporate sectors.
According to the WEF, the board recognized the retired chairman and WEF founder's exceptional accomplishments.
"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," it added.
Among those on the board of trustees are Singapore President Tharman Shammugaratnam, World Bank President Ajay Banga, IMF chief Kristina Georgieva, European Central Bank President Christine Lagarde, World Bank chief Ngozi Okonzo-Iweala, and Chairman of Reliance Industries Mukesh Ambani.
According to the WEF, inclusive discourse is more important than ever in navigating complexity and influencing the future at a time when the world is changing quickly.
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"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," it added.