19.6 C
New York
11.4 C
London
34.3 C
Dubai
34.7 C
Tokyo
Wednesday, August 4, 2021

Melinda Gates May Resign As Co-Chair After Two Years: Gates Foundation

Melinda Gates May Resign As Co-Chair After Two Years: Gates Foundation

- Advertisement -

Melinda Gates and Bill Gates in May filed for divorce after 27 years of marriage.

The Gates Foundation said Melinda French Gates and Bill Gates, in the midst of a high-profile divorce, will continue to work as co-chairs for a two-year trial period and after that time if the arrangement unravels, she would step down.

The contingency plan for one of the world’s largest philanthropic foundations was announced by Chief Executive Officer Mark Suzman, a move that would ensure a successful transition for the foundation that has spent over $50 billion in the past two decades toward combating poverty and disease.

If Melinda resigns after two years, she would receive personal resources from Bill for her philanthropic work, which would be completely separate from the foundation’s endowment, the foundation said in a blog post on Wednesday.

Bill will then assume the full stewardship of the foundation, which the couple had often referred to as their “fourth child”.

- Advertisement -

Melinda and Bill in May filed for divorce after 27 years of marriage, but pledged to continue their philanthropic work together.

The foundation said the controlling billionaire benefactors, Bill and Melinda, will contribute $15 billion, their single largest contribution since 2000, bringing the total endowment to about $65 billion.

It also said it will expand the number of trustees to oversee the work and intends to finalize decisions by the end of the year and announce the new trustees in January 2022.

Founded in 2000, the Bill & Melinda Gates Foundation has become one of the most powerful and influential forces in global public health. The foundation last year committed some $1.75 billion to COVID-19 relief.

Wednesday’s announcement also comes after billionaire investor Warren Buffett in June said he was resigning as a trustee of the foundation, and had donated half his wealth to philanthropy since pledging 15 years ago to give away his fortune from running Berkshire Hathaway Inc. Buffett did not explain why he was resigning, but noted that he had given up all directorships outside Berkshire, reducing his workload.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Powered by the Echo RSS Plugin by CodeRevolution.

Related Articles

Cornwall: 10 small group trips offering big outdoor adventures

There’s a fierce debate going on in Cornwall at the moment about the benefits and drawbacks of tourism for the county. On one hand,...

Aussie Olympics footballers in plane brawl

10:57 AM BSTESPN staffRugby Australia and Football Australia are investigating allegations of misbehavior from athletes on the flight home from the Tokyo Olympic Games.The...

Sources: Utd hopeful of Wan-Bissaka recovery

You will experience limited functionality and unusable pages with your current browser. We recommend upgrading to one of the latest versions of the following...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Click to Subscribe!

7,698FansLike
5,572FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Cornwall: 10 small group trips offering big outdoor adventures

There’s a fierce debate going on in Cornwall at the moment about the benefits and drawbacks of tourism for the county. On one hand,...

Aussie Olympics footballers in plane brawl

10:57 AM BSTESPN staffRugby Australia and Football Australia are investigating allegations of misbehavior from athletes on the flight home from the Tokyo Olympic Games.The...

Sources: Utd hopeful of Wan-Bissaka recovery

You will experience limited functionality and unusable pages with your current browser. We recommend upgrading to one of the latest versions of the following...

Sources: Arsenal blow as Partey injury confirmed

10:53 AM BSTJames OlleySenior Writer, ESPN FC Arsenal have been dealt a significant blow on the eve of the new Premier League season with...