Founder of Microsoft Bill Gates will no longer serve on the company’s board starting Friday, the software tech giant said on Friday. Gate will also be stepping down from the governing body of 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 on LinkedIn. “The leadership at the Berkshire companies and Microsoft has never been stronger, so the time is right to take this step.”
“With respect to Microsoft, stepping down from the board in no way means stepping away from the company,” Gates said. “Microsoft will always be an important part of my life’s work and I will continue to be engaged with Satya and 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.”
Microsoft was co-founded by Gates along with Paul Allen in 1975. Allen passed away in 2018. Fates had managed the company as its CEO till 2000 when he gave way for Steve Ballmer to run the company on his post.
The current CEO of the company Satya Nadella, was appointed to the position in 2014. Gates remained the chairman of the board of the company till 2014. Since then he has retracted from direct affairs of the company and has instead spent more time to philanthropy through the Bill & Melinda Gates Foundation that he had founded along with his wife in 2008.
According to FactSet, Gate is also one of the largest shareholders of Microsoft and currently he owns about 1.36 per cent of the stocks of the company. Microsoft was taken public in 1986 and currently is among the most highly valued companies in the world. The current market capitalization of the company was about $1.21 trillion.
“It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years,” said Microsoft CEO Satya Nadella.
“Bill founded our company with a belief in the democratizing force of software and a passion to solve society’s most pressing challenges. And Microsoft and the world are better for it. 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.”
(Adapted from TechCrunch.com)