Melinda French Gates, one of the world’s most influential philanthropists and the ex-wife of Microsoft co-founder Bill Gates, announced Monday that she will leave the foundation she and her ex-husband founded nearly a quarter-century ago.
In a post on in 2000 with an endowment of approximately $20 billion after the merger of two separate foundations.
“After careful consideration and consideration, I have decided to step down from my role as co-chair of the Bill and Melinda Gates Foundation,” Ms. French Gates said in a statement. She added that the foundation is “in great shape” and that the time was right for her to move “to the next chapter of my philanthropy.”
Ms. French Gates will walk away with $12.5 billion in personal assets to use for her philanthropic work, which focuses on women’s rights and gender equality. She said her last day would be June 7th.
The foundation will be renamed the Gates Foundation and Mr. Gates will become its sole president, said Mark Suzman, the foundation’s chief executive. declaration released Monday.
On He said that Ms. French Gates was “instrumental” in helping shape the foundation’s vision, and that he remained “fully committed” to her work.
Ms. French Gates’ departure is the latest step in the evolution of the Gates Foundation, the world’s largest private foundation. From public health and development to agriculture and education, the foundation is a highly influential player, donating billions of dollars every year and shaping the world of philanthropy.
In a statement, Ms. French Gates said she would use the money she left with to “commit to my work on behalf of women and families.” Mr. Suzman said Ms. French Gates will dedicate her time to changing the trajectory of “women’s rights that have regressed in the United States and around the world” in recent years.
Her primary vehicle for her philanthropic work is Pivotal Ventures, a company she founded in 2015.
Mr. and Mrs. Gates announced their plans to divorce in May 2021, after 27 years of marriage. At the time, the foundation said it would continue to work with Mr. Gates as co-president of the foundation, and if they could not work together, she would step down in May 2023 or later.
The divorce set in motion a series of changes at the top of the foundation, which sought to introduce stronger corporate governance mechanisms and professionalize its operations. In 2021, soon after their divorce, Warren E. Buffett, who had joined the foundation as its third trustee after announcing in 2006 that he would gift it with the majority of his fortune, resigned from his role, saying that his participation was not necessary. , but that he would continue to make contributions.
The following year, the foundation appointed its first board of directors, in an effort to improve its corporate governance structure and create a more professional operation in line with other entities of its size.
In recent years, Mr. Gates and Ms. French Gates have increasingly focused on their personal investment outfits: Mr. Gates at Gates Ventures and Ms. French Gates at Pivotal Ventures. .
