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.

BlackRock Inc. (BLK) co-founder and CEO Larry Fink and Roche’s vice chairman André Hoffman have been named as the interim co-chairs of the World Economic Forum. The Switzerland-based international advocacy non-governmental organization and think tank also cleared its 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.