World Economic Forum finds no evidence of wrongdoing by founder Klaus Schwab

The World Economic Forum on Friday said its board had completed an investigation into allegations against WEF founder Klaus Schwab and found that "there is no evidence of material wrongdoing" by him.

The World Economic Forum had launched an investigation in April into Schwab following a whistleblower letter alleging misconduct by him. The announcement of the investigation came after Schwab said he was resigning as chairman in April, without stating a reason.

The Geneva-based organisation also said it has appointed BlackRock CEO Larry Fink and Roche Holding's Vice-Chair Andre Hoffmann as interim co-chairs of its board.