Melinda Gates might step down as Gates Foundation’s co-chair after 2 years

#BillGates #Divorce #MelindaGates

After 27 years of marriage, Bill and Melinda Gates announced their divorce in May
They, however, said they would continue their philanthropic work together
Gates Foundation has announced a trial period of two years, which if doesn't work out, will result in Melinda Gates' resignation

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Updated: July 07 2021 06:10:02 PM ET Washington D.C., DC, USA

The Gates Foundation on Wednesday said that billionaire Bill Gates and his former partner Melinda will continue to work as co-chairs for a trial period of two years. If the arrangement doesn’t work, Melinda will step down. This comes after the high-profile couple announced divorce in May this year.

Also read: Bill Gates was ‘no choir boy’ but a well-known ‘womanizer’, reveals biographer

The decision regarding the philanthropic foundation was announced by its Chief Executive Officer (CEO) Mark Suzman. In a blog post on Wednesday, the foundation said that if Melinda steps down after two years, she’ll receive personal resources from Bill for her philanthropic work. This will be completely separate from the foundation’s endowment.

Bill will then assume the full stewardship of the foundation, it said in the blog post.

This arrangement is aimed at ensuring a successful transition for the foundation, which Bill and Melinda often referred to as their “fourth child”. One of the largest philanthropic organisations in the world, the Gates Foundation has over the years spent over $50 billion towards combatting poverty and disease.

Also read: Bill and Melinda Gates part ways: A look at world’s 5 most expensive divorces

After 27 years of marriage, the high-profile couple had announced a divorce in May. However, they said they would continue their philanthropic work together.

The Bill & Melinda Gates Foundation was founded in 2000 and in the journey of two decades it became one of the most prominent forces in global health. It had pledged $1.5 billion to COVID-19 relief.

Other than the decision regarding Melinda, the Gates Foundation has said that it will expand the number of trustees to oversee the work, a decision that is expected to be finalised by the end of 2021. The new trustees will be announced next year.

Also read: Bill Gates left Microsoft board amid probe into relationship: Report

Meanwhile, business magnate Warren Buffett last month announced that he was stepping down as a trustee of the Gates Foundation. He, however, didn’t say anything regarding the reason behind this decision.