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.

The World Economic Forum founder Klaus Schwab, will "start the process" of stepping down as chair of its board of trustees, a spokesperson for the Geneva-based institution told Reuters on Thursday.