Billionaire philanthropist Melinda French Gates has announced she will step down as co-chair of the Bill and Melinda Gates Foundation.
"This is not a decision I came to lightly," she stated in a message posted to X on Monday, reports BBC
Her resignation will take effect on June 7.
Gates, alongside her then-husband Bill Gates, the Microsoft co-founder, established the foundation in 2000. It has since become the largest private philanthropic organization in the world, it said.
Following their divorce in 2021 after 27 years of marriage, the couple had committed to continue their joint philanthropic endeavours. At that time, they assured that they would remain as co-chairs and trustees and that there would be no changes to the foundation's structure.
With an endowment exceeding $75 billion (£59.7 billion) as of December, the Gates Foundation is a major player in public health, investing billions annually to combat infectious diseases, alleviate poverty, and address climate change, said the report.
The foundation's website notes that between 1994 and 2018, the couple donated over $36 billion (£28 billion) of their own money to the organization.
"I am immensely proud of the foundation that Bill and I built together," Melinda Gates stated, adding that she will now have $12.5 billion for her own charitable efforts focused on women and families, as per an agreement with Mr. Gates.
In 2015, Gates launched Pivotal Ventures, an independent investment firm aimed at eliminating barriers to opportunities for women and minority groups.
"This is a critical moment for women and girls in the US and around the world, and those fighting for equality need urgent support," she wrote in her statement on Monday.
Bill Gates expressed his regret over her departure but acknowledged Melinda Gates’ potential to make a significant impact in her future philanthropic activities, the report also said.
Bill Gates remains one of the wealthiest individuals globally, with a net worth exceeding $130.3 billion, according to Forbes. Melinda Gates' net worth is estimated at $11.3 billion.