Bill Gates resigns from Microsoft board to focus on philanthropy
BILL GATES is stepping down from Microsoft’s board 45 years after founding the software giant, the billionaire has announced.
The resignation means Mr Gates, 64, has relinquished any formal role at the company that he built into one of America’s most influential corporations and that made him the world’s richest person for several years.
He said he wanted to devote more time to his philanthropic work, which has taken up most of his time since stepping down as Microsoft chief executive in 2000, and that he would also leave the board of Berkshire Hathaway, Warren Buffett’s investment company.
Mr Gates’s foundation has been active in attempting to address the coronavirus pandemic, donating more than $100m to help fight it in South Asia and Africa, and funding work on new drugs to stop the virus.
It has also been working on relief efforts in Mr Gates’s native Seattle, which has been a hotspot for the outbreak in the US.
“I have made the decision to step down from both of the public boards on which I serve – Microsoft and Berkshire Hathaway – to dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change,” he said.
“The leadership at the Berkshire companies and Microsoft has never been stronger, so the time is right to take this step.”
Mr Gates said he would “continue to be engaged” with Microsoft and its chief executive Satya Nadella. Mr Gates’s $98bn fortune, which makes him second only to Amazon boss Jeff Bezos as the world’s richest person, comes from his investment vehicle Cascade and a 1pc stake in Microsoft.
Mr Nadella said: “It’s been a tremendous honour and privilege to have worked with and learned from Bill over the years. Bill founded our company with a belief in the democratising force of software and a passion to solve society’s most pressing challenges. And Microsoft and the world are better for it. The board has benefited from Bill’s leadership and vision.”
Mr Gates, who co-founded Microsoft with Paul Allen in 1975, was heralded as one of the brightest business minds of the Nineties after taking the company public in 1986. However, his public image took a hit at the turn of the century when Microsoft, then the world’s dominant technology company, was embroiled in a monopoly lawsuit with the US government. He made way for successor Steve Ballmer in 2000 but remained as chairman until 2008.
Berkshire Hathaway said Mr Gates would be replaced as a director by Kenneth Chenault, the former American Express chief executive, who is leaving Facebook’s board.
Facebook said earlier this week that it had hired former Nancy Killefer, a former US Treasury official, and Tracey Travis, Estée Lauder’s chief financial officer, as directors.