Nato Secretary General Jens Stoltenberg is set to succeed German diplomat Christoph Heusgen as the chair of the Munich Security Conference, according to sources who spoke to Reuters on Thursday.

The event, often referred to as the 'Davos for defence,' serves as a crucial platform for political and military leaders and is held annually in the German city of Munich. Stoltenberg, who has been in his current role since 2014, will step down from his position at Nato in October. In June, former Dutch Prime Minister Mark Rutte was announced as the next leader of the organization.

Nato's press office did not provide a response to a request for comment.