“This is not a decision I came to lightly,” French Gates
posted on the X platform on Monday. “I am immensely proud of the foundation
that Bill and I built together and of the extraordinary work it is doing to
address inequities around the world.”
She praised the foundation’s CEO, Mark Suzman, and the
foundation’s board of trustees, which was significantly expanded after the
couple announced their divorce in May 2021.
“The time is right for me to move forward into the next
chapter of my philanthropy,” French Gates wrote in her statement. She organizes
some of her investments and philanthropic gifts through her organization,
Pivotal Ventures, which is not a nonprofit.
Bill Gates thanked French Gates for her “critical”
contributions to the foundations in a statement, saying, “I am sorry to see her
leave, but I am sure she will have a huge impact in her future philanthropic
work.”
French Gates will receive $12.5 billion as part of her
agreement with Gates, which she said would commit to future work focused on
women and families.
The Gates Foundation did not immediately return a request
for comment about whether those assets would come from the foundation itself.
In an emailed statement, the foundation said that Suzman announced the decision
to employees on Monday.
“After a difficult few years watching women’s rights rolled
back in the U.S. and around the world, she wants to use this next chapter to
focus specifically on altering that trajectory,” Suzman said of French Gates.
Suzman said he knew many had joined the foundation in part
because of their admiration for her advocacy, especially around gender equity.
“I know how beloved Melinda is here,” Suzman wrote.
The Gates Foundation holds $75.2 billion in its endowment as
of December 2023, and announced in January, it planned to spend $8.6 billion
through the course of its work in 2024.
The associated Press receives financial support for news
coverage in Africa from the Bill & Melinda Gates Foundation and for news
coverage of women in the workforce from Pivotal Ventures.