MELINDA GATES RESIGNS AS GATES FOUNDATION CO-CHAIR, RECEIVES $12.5 BILLION

Tue 14 May 2024:

Melinda French Gates has announced her resignation as co-chair of the Bill & Melinda Gates Foundation, the renowned nonprofit she and her former spouse, Bill Gates, established over two decades ago.

“This is not a decision I came to lightly,” French Gates posted on X on Monday. “I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world.”

In her departure, she commended the foundation’s CEO, Mark Suzman, and the significantly expanded board of trustees, a development following the couple’s announcement of their divorce in May 2021.

“The time is right for me to move forward into the next chapter of my philanthropy,” French Gates wrote in her statement, without giving further details.

As part of her arrangement with Gates, French Gates will receive $12.5 billion, earmarked for her continued endeavors focusing on women and families. Notably, Microsoft co-founder Gates will personally supply these funds, distinct from the foundation’s endowment.

A spokesperson disclosed the foundation’s intention to rebrand as the Gates Foundation.

The foundation stands as a formidable force in global public health, having deployed over $75 billion since its inception to tackle poverty and disease with a business-minded approach.

Between 1994 and 2018, Bill and Melinda contributed approximately $59.5 billion to the Seattle-based foundation, according to its website.

Gates thanked French Gates for her “critical” contributions to the foundation in a statement, saying: “I am sorry to see her leave, but I am sure she will have a huge impact in her future philanthropic work.”

French Gates, with a net worth of $11.3 billion according to Forbes, oversees some of her investments and charitable activities through Pivotal Ventures. Founded in 2015, this investment firm concentrates on initiatives benefitting women and families.

Despite their marital separation in 2021 after 27 years of partnership, the couple pledged to continue their philanthropic collaboration. However, the details of their asset division remain undisclosed, as per their final divorce order filed in a Seattle court.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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