Billionaire, Bill Gates on Friday stepped down from serving on the board of Microsoft, the corporation announced.
Gates is also stepping down from his position on the board of Berkshire Hathaway.
The billionaire who also announced his decision on his LinkedIn account, said he would love to devote more time to philanthropic activities.
He said, “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.”
“The leadership at the Berkshire companies and Microsoft has never been stronger, so the time is right to take this step.
“With respect to Microsoft, stepping down from the board in no way means stepping away from the company,” Gates said.
Gates co-founded Microsoft in 1975 with Paul Allen, who died in 2018. Gates was CEO until 2000 when Steve Ballmer took over the role.
Microsoft’s current CEO, Satya Nadella, took over in 2014.
Gates was director of the board at Microsoft until 2014 but began dedicating more of his time to the Bill & Melinda Gates Foundation in 2008.
Gates is among Microsoft’s top shareholders. He owns 1.36% of shares, according to FactSet. The company went public in 1986 and is now one of the most highly valued companies in the world with a market cap of $1.21 trillion.
