Also on Friday, the WEF said it will be replacing former Nestle CEO Peter Brabeck-Letmathe as interim chairman of the board. He is being replaced by the billionaire duo of Larry Finck, the American co-founder of the investment fund Blackrock, and Andre Hoffmann, the Swiss vice-chairman of the pharmaceutical group Roche, according to a separate statement. The letter alleged Schwab had asked junior employees to withdraw "thousands of dollars" from ATMs for him and used organisation funds to pay for massages during hotel stays. But the probe found nothing improper in his conduct. Schwab was born in Ravensburg, Germany, on March 30, 1938. He was married with two children. He was a professor of business management at the University of Geneva, where he taught until 2003, when in the early 1970s he launched the "European Management Forum," the precursor to the current Forum.