Business

Melinda Gates resigns from Gates Foundation with $12.5 billion package

Published on

May 13, 2024

Melinda French Gates (Credit: Gates Foundation)

Melinda French Gates is stepping down as co-chair of the charitable foundation she co-founded with her ex-husband Bill Gates more than two decades ago, taking a $12.5 billion package to continue her own work aimed at uplifting women and families.

Gates wrote in a statement that her decision to resign from the Bill & Melinda Gates Foundation, which she co-founded nearly 25 years ago, was not made lightly and came after “careful thought and reflection.” Her last day is next month, on June 7.

“The time is right for me to move forward into the next chapter of my philanthropy,” Gates said. “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.”

Gates added: “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.”

Mark Suzman, the charity’s chief executive, said the organization will change its name to the Gates Foundation in the near future. Bill will stay on as the charity’s sole chairperson.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values. She has played an essential role in all that we’ve accomplished over the past 24 years,” Suzman said. “I will miss working with her and learning from her. I look forward to seeing her continued impact.”

Melinda French Gates has an estimated net worth of $11.3 billion and is considered one of the most powerful women in philanthropy, according to Forbes. President Barack Obama awarded her the Presidential Medal of Freedom in 2016.

Gates was married to Microsoft co-founder Bill Gates from 1994 to 2021. As part of their divorce, Bill Gates transferred at least $5 billion worth of stock to Melinda, as well as $5 billion in other assets, according to data gathered by Forbes.