‘The time is right for me…’: Melinda French Gates steps down from Bill & Melinda Gates Foundation, pledges $12.5 billion to philanthropy

In a move that reverberates through the world of philanthropy, Melinda French Gates declared her resignation as co-chair of the Bill & Melinda Gates Foundation on Monday.

"The time is right for me to move forward into the next chapter of my philanthropy," she affirmed in a statement released on Monday.

French Gates illuminated that she will be endowed with "an additional $12.5 billion to commit to my work on behalf of women and families," thanks to a pact with her former spouse, Microsoft co-founder and billionaire, Bill Gates.

Her resignation from the foundation, a colossal force in global philanthropy, is slated to take effect on June 7.

Following the announcement of their divorce in May 2021, French Gates previously conveyed her intent to remain within the influential charity for a period of two years, with efforts aimed at co-leading the organisation alongside her ex-partner. Even as recently as July, spokespersons for French Gates had informed The Wall Street Journal of her decision to maintain her role as co-chair.

"I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work," remarked Gates in a separate statement.

The Bill & Melinda Gates Foundation, inaugurated in 2000 with a sweeping mandate to combat poverty, disease, and inequality worldwide, has left an indelible mark in the realm of public health. Notably, it has played a pivotal role in initiatives to eradicate polio and malaria.

By the close of last year, the foundation had disbursed $77.6 billion in grants since its inception and boasted an aggregate endowment of $75.2 billion. Warren Buffett, a co-founder of the Giving Pledge alongside Gates and French Gates, has contributed $39.3 billion to the foundation.

Hints of French Gates' departure had been perceptible for some time. As early as 2021, Business Insider reported on diverging priorities between the couple within the foundation. Sources within the organisation disclosed to BI that while Gates was directing his attention towards global health and climate change, French Gates was focusing on global development, gender equality, and educational programs in the United States.

In early 2022, reports surfaced indicating that French Gates was directing the majority of her fortune — currently valued at $13.3 billion according to the Bloomberg Billionaires Index — towards entities other than her namesake foundation. Some of her donations have been allocated to Pivotal Ventures and Pivotal Philanthropies Foundation, both of which concentrate on fostering social progress and "expanding women's power and influence in the United States."