April 21 (UPI) -- The chairman of the World Economic Forum will step down "with immediate effect," the Swiss-based non-governmental organization announced Monday. On Sunday, during a special meeting, the board of trustees of the World Economic Forum accepted the resignation of its longtime leader Klaus Schwab . "Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,"