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.

The World Economic Forum says its board has given unanimous support for an independent investigation into allegations of misconduct by founder Klaus Schwab.

Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.