In his Aug. 12 resignation letter, Brabeck-Letmathe said he had personally witnessed a “toxic work environment” for several months and that the only way to move forward was for the board to seek an “amicable agreement” with Schwab to resolve the dispute. Brabeck-Letmathe has served for years on the Forum’s board.

The World Economic Forum has cleared Klaus Schwab of “material wrongdoing” after a law firm conducted a review into potential misconduct of the institution’s founder.

The World Economic Forum closed an investigation on its founder Klaus Schwab on Friday, clearing him of any wrongdoing, and appointed BlackRock CEO Larry Fink and Roche Holding's vice-chair Andre Hoffmann as interim co-chairs of its board.