Home Foreign Bill Gates’ ex-wife to get $12.5b for pulling out of joint-named foundation

Bill Gates’ ex-wife to get $12.5b for pulling out of joint-named foundation

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Melinda French Gates on Monday resigned from her position as a co-chair of the Bill and Melinda Gates Foundation.

According to her, by leaving the foundation she would be getting an additional $12.5 billion to commit to her work.

Melinda, who announced this on her X handle @melindagates disclosed that her last day of work at the foundation will be 7 June 2024.

This is coming three years after the Microsoft founder, Bill Gates and Melinda announced their divorce after a 27-year marriage.

On 7 June 2021, the Chief Executive Officer and Board member of the foundation, Mark Suzman announced that Melinda would resign as co-chair and trustee of the foundation if after two years either of the two concluded that they could not work together as co-chairs.

Suzman noted: “Over the past two decades, Bill and Melinda have nurtured the foundation’s growth, often referring to it as their “fourth child”. They have repeatedly made clear their joint commitment and expectation to remain long-term partners and co-chairs.

“However, as an additional step, they have agreed that if after two years either one of them decides that they cannot continue to work together, Melinda will resign as co-chair and trustee. In such a case, Melinda would receive personal resources from Bill for her philanthropic work. These resources would be completely separate from the foundation’s endowment, which would not be affected”.

Meanwhile, Melinda stated on Monday: “After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation. My last day of work at the foundation will be 7 June.

“This is not a decision I came to lightly. 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. I care deeply about the foundation team, our partners around the world and everyone who is touched by its work.

“I am taking this step with full confidence that the foundation is in strong shape, with its extremely capable CEO Mark Suzman, the Executive Leadership Team, and an experienced board of trustees in place to ensure all its important work continues. The time is right for me to move forward into the next chapter of my philanthropy.

“This is a critical moment for women and girls in the U.S. and around the world – and those fighting to protect and advance equality are in urgent need of support. Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families. I’ll be sharing more about what that will look like in the near future”.

Reacting to her resignation, Bill Gates thanked Melinda for her contributions to the foundation.

He said: “I want to thank Melinda for her critical contributions to the Foundation from its very beginning. As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality.

“Looking ahead, I remain fully committed to the Foundation’s work across all our strategies, and to realising the opportunities we have to continue improving the lives of millions around the world.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact on her future philanthropic work.

“Our foundation team is incredibly strong and deeply passionate about our work, and under the leadership of Mark Suzman, and a committed board of trustees, I am confident we will keep making substantial progress on our mission to create a world where every person can live a healthy, productive life”.

The Bill and Melinda Gates Foundation was established in 2000 through the merger of the two Gates foundations.

Guided by the belief that every life has equal value, the foundation works to help all people lead healthy, productive lives.

“In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life.

“Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of co-chairs Bill Gates and Melinda French Gates and the board of trustees”, the foundation stated on its website.

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