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Monday, Aug 02, 2021

Warren Buffett (right) gave no reason for stepping down from the Gates Foundation, but questions have been raised about the structure of its leadership after reports of Bill Gates' behavior in the workplace [Bloomberg]

Warren Buffet resigns from Bill and Melinda Gates Foundation

Buffet’s resignation comes just weeks after Bill and Melinda Gates announced they are divorcing.
Warren Buffett is resigning as a trustee from the Bill and Melinda Gates Foundation.

The announcement comes weeks after Bill and Melinda Gates announced that they were divorcing after 27 years of marriage but would continue to jointly run the foundation, one of the largest charitable foundations in the world. Gates was formerly the world’s richest person and his fortune is estimated at well over $100bn.

“For years I have been a trustee – an inactive trustee at that – of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said in a prepared statement Wednesday. “The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”

Buffett, the chairman and chief executive of Berkshire Hathaway, also said Wednesday that he is halfway to reaching his goal of giving away the entirety of his shares in the conglomerate, and that he’s making another $4.1bn in donations.

Buffet gave no reason for stepping down from the Gates Foundation, but questions have been raised about the structure of its leadership after reports of Bill Gates’ behavior in the workplace.
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