Microsoft (NASDAQ: MSFT) co-founder Bill Gates announced Friday that he will be stepping down from the company's board of directors in order to focus more on his philanthropic endeavors. Gates will continue on with the company in an advisory role. Gates announced he will also be stepping down from his position on the board of Warren Buffet's massive holding company, Berkshire Hathaway.
"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," Gates said in an announcement on LinkedIn.
Gates has been in the process of leaving Microsoft for more than a decade as he tried to expand his philanthropy. He left the position of CEO 20 years ago and left full-time employment in 2008. Gates, who is worth $103.6 billion, is listed by Forbes as the second-richest man in the world after Jeff Bezos.
"With respect to Microsoft, stepping down from the board in no way means stepping away from the company. Microsoft will always be an important part of my life's work and I will continue to be engaged with... the technical leadership to help shape the vision and achieve the company's ambitious goals. I feel more optimistic than ever about the progress the company is making and how it can continue to benefit the world," Gates said.
The Chronicle of Philanthropy named Bill and Melinda Gates of the Bill and Melinda Gates Foundation the most generous philanthropists in the U.S. in 2018 after they gave $4.8 billion to their foundation in 2017.
Microsoft CEO Satya Nadella and other Microsoft leaders will continue to seek advice and input from Gates who is still a major shareholder. According to FactSet, Gates owns 1.36% of shares. The company is among the highest valued in the world at $1.21 trillion.
"The board has benefited from Bill's leadership and vision. And Microsoft will continue to benefit from Bill's ongoing technical passion and advice to drive our products and services forward. I am grateful for Bill's friendship and look forward to continuing to work alongside him to realize our mission to empower every person and every organization on the planet to achieve more," Nadella said Friday.