WASHINGTON: Bill Gates, the renowned business tycoon, investor, software developer and the co-founder of Microsoft Corporation has announced his abdication from the Microsoft board of directors. The multinational technology company was found by Gates and Paul Allen in the year 1975.
The co-founder took to LinkedIn, the business and employment-oriented service website to announce the news, "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."
He further mentioned, "The leadership at the Berkshire companies and Microsoft has never been stronger, so the time is right to take this step."
The philanthropist was the CEO of the company for over 25 years. He passed the job to Steve Ballmer in the year 2000. Balmer leads Microsoft as the CEO for 15 years, after which Satya Nadella took over and currently holds the position.
Gates posed as the director of the Microsoft board till the year of 2014. He had already begun to focus on his private foundation called, 'Bill & Melinda Gates Foundation'. The 64-year-old philanthropist runs it along with his wife. It is also known as the largest private foundation in the world.
Gates, who is also known as the second-richest person of the world, said, "With respect to Microsoft, stepping down from the board in no way means stepping away from the company." He added, "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."
Satya Nadella, the current CEO of the tech company expressed, "It's been a tremendous honour and privilege to have worked with and learned from Bill over the year."
Even after stepping down, the shares owned by Gates in the company will be 1.36%. Microsoft has a market capitalisation of $1.21 trillion.