Melinda French Gates, one of the world's foremost philanthropists, announced Monday that she will step down as co-chair of the Bill & Melinda Gates Foundation, a role she has held since its inception in 2000. The foundation, which has disbursed nearly $78 billion in grants over the past 25 years, will now be solely chaired by Bill Gates.
French Gates made this decision "after considerable reflection," according to a statement from the foundation's CEO, Mark Suzman. "Melinda has new ideas about the role she wants to play in improving the lives of women and families in the U.S. and around the world," Suzman explained. He noted that recent setbacks in women's rights have fueled her desire to focus on reversing these trends in her next chapter of philanthropic work.
As part of her separation agreement with Bill Gates, French Gates will receive an additional $12.5 billion for her charitable efforts. "This is not a decision I came to lightly," she stated on social media. "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 officially leave the foundation on June 7 and plans to reveal more about her future charitable initiatives soon. Following her departure, the organization will be rebranded as the Gates Foundation. Bill Gates expressed his regrets over her exit but affirmed his confidence in her future endeavors. "I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work," he said.
French Gates' departure was anticipated following the couple's divorce announcement in May 2021. They had agreed to a trial period through 2023 to see if they could continue to work together. Suzman had outlined a contingency plan in July 2021 to ensure the foundation's continuity, which included French Gates stepping down and receiving personal resources for her own philanthropy if they chose not to continue their partnership.
In January 2022, the foundation added four new members to its board of trustees, marking the first time outsiders joined the board. This move was part of the governance restructuring following the divorce and the earlier resignation of long-time board member Warren Buffett. The addition aimed to bolster the foundation's governance and ensure its mission's sustainability.
Suzman reassured stakeholders of the foundation's stability and ongoing commitment to its goals. "The foundation today is stronger than it has ever been," he wrote in a blog post. He emphasized that French Gates would not be taking any of the foundation's work with her, ensuring that its initiatives would continue uninterrupted.
The Gates Foundation, currently valued at $75.2 billion, has been a pivotal force in global health, education, and poverty reduction. It is one of the largest contributors to the World Health Organization and has played a crucial role in addressing the Covid-19 pandemic. Both Bill and Melinda Gates have pledged to donate the majority of their wealth to the foundation and other philanthropic efforts.
French Gates founded Pivotal Ventures in 2015, a separate organization focused on removing barriers for women and minorities in the United States. In 2019, she committed $1 billion to this initiative, highlighting her dedication to gender equality and social justice.
Reflecting on their extensive philanthropic contributions, Bill Gates mentioned in a recent interview that he and partners like Warren Buffett have donated around $100 billion to the foundation. With plans to disburse $9 billion annually, Gates expects to have given away all his money within the next two decades.
