Melinda French Gates announced on Monday her decision to step down as co-chair of the Bill & Melinda Gates Foundation, a position she has held since its establishment in 2000.
The foundation, known for its extensive philanthropic efforts, has disbursed nearly $78 billion in grants over the past 25 years.
In the context of her separation from her former husband, Bill Gates, Melinda French Gates disclosed that she would receive an additional $12.5 billion for her charitable endeavors.
She intends to direct these funds towards organizations that support women and families, reflecting her ongoing commitment to philanthropy.
“This is not a decision I came to lightly,” she said in a statement posted on X. “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.”
Melinda French Gates revealed her intention to depart from the Bill & Melinda Gates Foundation on June 7, with further details about her forthcoming philanthropic endeavors to be disclosed soon.
In conjunction with her departure, the organization will undergo a name change to the Gates Foundation. Bill Gates will assume the role of sole chair, as confirmed by the foundation’s CEO, Mark Suzman, in an announcement made on Monday.
“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work,” wrote Bill Gates in a separate statement Monday, also posted on X.
“Looking ahead, I remain fully committed to the Foundation’s work across all our strategies, and to realizing the opportunities we have to continue improving the lives of millions around the world,” he wrote.
Melinda French Gates’ departure from the foundation had been anticipated for several years. Following their announcement of divorce in May 2021, Bill Gates and Melinda French Gates had stated their intention to undergo a trial period until 2023, during which they would assess their ability to collaboratively oversee their extensive charitable foundation.
Suzman announced in July 2021 a contingency plan “to ensure the continuity of the foundation’s work.”
Melinda French Gates opens up about her divorce, ‘I couldn’t trust what we had’
“If after two years either decides they cannot continue to work together as co-chairs, French Gates will resign her position as co-chair and trustee,” Suzman said.
Bill Gates is set to retain control of the foundation and effectively buy out Melinda French Gates’ stake, according to Mark Suzman. French Gates will receive “personal resources” from Gates for her philanthropic work, which will be separate from the foundation’s endowment.
In January 2022, the foundation announced the addition of four new board members to strengthen governance post-divorce, marking the first time outsiders were added to the board in its history. Prior to this, the board consisted only of Bill and Melinda French Gates, following the death of Bill Gates Sr. in 2020 and Warren Buffett’s resignation in June 2021 after 15 years on the board.
The Bill & Melinda Gates Foundation, with a $75.2 billion endowment, focuses on improving healthcare in developing countries, enhancing educational opportunities, and reducing poverty through grants and support.
Melinda French Gates established Pivotal Ventures in 2015, a separate charity focusing on removing barriers for minorities and women in the United States, to which she committed $1 billion in 2019.
Both Bill Gates and Melinda French Gates have pledged to donate the majority of their wealth to the foundation and other philanthropic causes. Gates stated in an interview with CNN’s Fareed Zakaria in January that he and partners like Buffett have already donated around $100 billion to the foundation, with plans to give away all his money in about 20 years, spending about $9 billion annually.
