José María Figueres, Chief Executive Officer of the World Economic Forum, has resigned with immediate effect. The World Economic Forum has accepted his resignation.

The World Economic Forum said on Friday that it "has been informed of allegations in the press against José María Figueres that are related with his years of public service in Costa Rica."

"In this press reporting, the Forum became aware that he (Figueres) had a significant contractual agreement with another company whilst working in a leading position at the Forum over two-and-a-half years," the WEF said in a statement.

"José María Figueres has tendered his resignation on the basis that he had clearly breached the rules of the World Economic Forum by not declaring that he was being retained as a consultant when he took the post and whilst he was working at the Forum. This issue has no bearing on the allegations made against José María Figueres regarding those payments in Costa Rica," the WEF said.

The five remaining members of the managing board of the WEF have fully assumed Figueres' functions under the leadership of the Executive Chairman, Klaus Schwab.

The World Economic Forum is the foremost global community of business, political, intellectual and other leaders of society committed to improving the state of the world.

Incorporated as a foundation, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests.