Melinda Gates and Bill Gates filed for divorce in May after 27 years of marriage but promised to continue their philanthropic work at the Gates Foundation.
Melinda Gates (File Photo)
Bill Gates and Melinda French Gates will continue to serve as co-chairmen of their foundation even after their divorce. This famous couple of the world has decided to get divorced. However, if after two years Gates and French Gates feels they cannot continue in their roles, French will resign as co-chairman and trustee. The Bill and Melinda Gates Foundation made this announcement on Wednesday.
If French resigns, Gates will buy his share in the foundation. It is the largest private philanthropic organization in the world. The contingency plan for one of the world’s largest philanthropic foundations was announced by Chief Executive Officer Mark Suzman, a move that will set a successful path for the foundation that has spent the last two years to combat poverty and disease. Over 50 billion dollars have been spent over the decades.
The foundation said in a blog post Wednesday that if Melinda resigns after two years, she will receive personal resources from the bill for her charitable work, which will be completely separate from the foundation’s endowment. Bill would then assume full leadership of the foundation, which the couple often referred to as their “fourth child.”
New trustees to be announced in January 2022
Melinda and Bill filed for divorce in May after 27 years of marriage but promised to continue their philanthropic work together. The foundation said the controlling billionaire beneficiaries, Bill and Melinda, would contribute $15 billion, their largest contribution since 2000, bringing the total endowment to nearly $65 billion. The foundation also said it would expand the number of trustees to oversee the work and intends to finalize decisions by the end of the year and announce new trustees in January 2022. Established in 2000, the Bill & Melinda Gates Foundation last year pledged $1.75 billion in aid for COVID-19 relief.
The announcement comes even after billionaire investor Warren Buffett said in June that he was resigning as a trustee of the foundation. He donated half of his wealth to philanthropy to run Berkshire Hathaway Inc. 15 years ago. Buffett did not give a reason for stepping down as mentor at the Gates Foundation, but reports of Bill Gates’ behavior at work have now raised questions about his leadership structure.
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