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Bill Gates Steps Down from Microsoft Board to Focus on Philanthropy
From:
Kathleen Greenler Sexton --- Subscription Expert Kathleen Greenler Sexton --- Subscription Expert
For Immediate Release:
Dateline: Boston , MA
Wednesday, March 18, 2020

 

News from Microsoft reminds us that parts of our livescontinue, despite the global spread of the coronavirus. Last Friday, Microsoftquietly announced that co-founder and technology adviser Bill Gates has steppeddown from Microsoft’s board of directors to spend more time on hisphilanthropic endeavors. In June 2008, Gates stepped away from daily operationsat Microsoft to focus more time on the Bill & Melinda Fates Foundation. Heremained as Microsoft’s chairman of the board until February 2014, and now heis ready to step aside.

According to a companynews release, Gates will remain a technology adviser to Satya Nadella, whobecame Microsoft’s CEO in February 2014, after 22 years with the company.Meanwhile, Gates wants to work on global health, development, education andclimate change engagement.

Redmond, Washington headquarters. Source: Bigstock Photos

“It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years. Bill founded our company with a belief in the democratizing force of software and a passion to solve society’s most pressing challenges. And Microsoft and the world are better for it. The board has benefited from Bill’s leadership and vision. And Microsoft will continue to benefit from Bill’s ongoing technical passion and advice to drive our products and services forward. I am grateful for Bill’s friendship and look forward to continuing to work alongside him to realize our mission to empower every person and every organization on the planet to achieve more,” said Nadella.

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Independent board chair John W. Thompson also commented onGates’ contributions to the company.

“On behalf of our shareholders and the Board, I want to express my deep appreciation to Bill for all his contributions to Microsoft. As a member of the Board, he challenged us to think big and then think even bigger. He leaves an enduring legacy of curiosity and insight that serves as an inspiration for us all,” said Thompson.

Microsoft’sboard consists of 12 members, all of whom are independent except Nadella:

  • John W. Thompson
  • Reid Hoffman, Greylock Partners and co-founderof LinkedIn
  • Hugh Johnston, PepsiCo
  • Teri L. List-Stoll, Gap, Inc.
  • Satya Nadella
  • Sandra Peterson, Clayton, Dubilier & Rice
  • Penny Pritzker, PSP Partners
  • Charles W. Scharf, Wells Fargo & Co.
  • Arne Sorenson, Marriott International Inc.
  • John w. Stanton, Trilogy Equity Partners
  • Emma Walmsley, GlaxoSmithKline
  • Padmasree Warrior, Fable Group Inc.

During the coronavirus pandemic, the stock market has hadwild swings as investors try to predict how the unprecedented outbreak andreaction will affect investments in the short- and long-term. Microsoft hasseen some of those swings, but it is still in pretty good shape. It might havebeen the luck of the Irish, but yesterday, Microsoft was up $11.15 per share,or 8.23%. At 7:59 p.m. EDT, the company’s stock closed at $146.57. While it hasseen peaks and valleys over the last month, it is still pretty far away fromits 52-week low of $115.52.

Source: Google

On Friday, Gates announced on Linked that he was steppingdown from Microsoft and Berkshire Hathaway.

BusinessInsider reports that Gates, 64, has a net worth of $98 billion, including aWashington estate valued at $125 million, a private plane and a luxury carcollection.

Insider Take:

Co-founding Microsoft in 1975 with Paul Allen, Gates hascertainly earned a break and the luxury to decide what to do with his money andhis time. He has built a wildly successful company that has arguably done morefor personal computing than virtually any other company in the world, exceptfor possibly Apple. We have no doubt that his intellect and compassion willcontinue to make the world a better place and at a time when we need them morethan ever.

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