Melinda French Gates resigns as Gates Foundation co-chair, keeps $12.5 billion for own charity work – World News

Melinda French Gates resigns as Gates Foundation co-chair, keeps $12.5 billion for own charity work – World News

Melinda French Gates has decided to step down as the co-chair of the charitable foundation, the Bill & Melinda Gates Foundation, which she co-founded with her former husband Bill Gates more than 20 years ago and will get USD 12.5 billion for her work to uplift women and families.

“This is not a decision I came to lightly,” French Gates posted on the X platform 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.”

French Gates will receive $12.5 billion as part of her agreement with Gates, which she said would commit to future work focused on women and families.

Also Read: Bill Gates visits Microsoft’s India Development Center in Hyderabad

“Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families,” Melinda Gates said on social media platform X, without disclosing more details about her plans.

Melinda, who has a net worth of $11.3 billion according to Forbes, manages some of her investments and charitable work through her Pivotal Ventures. The investment company, founded in 2015, focuses on women and families.

Her last day at the foundation will be June 7.

Bill 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.”

With her departure as co-chair, the foundation will change its name to Gates Foundation and Bill Gates will be its sole chairperson, said CEO Mark Suzman, Reuters reported.

Also Read: ‘AI can make the world a more equitable place’ says Bill Gates  

Bill and Melinda Gates parted ways in 2021 after 27 years of marriage but had pledged to continue their philanthropic work together.

The foundation is one of the most powerful and influential forces in global public health, having spent more than $75 billion since its inception to bring a business approach to combating poverty and disease.

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