Bill Gates is leaving the boards of Microsoft and Berkshire Hathaway. Microsoft announced it in a press release on Friday, saying its 64-year-old co-founder wanted to “dedicate more time to his philanthropic priorities.”
He is not cutting the cord entirely. Gates will stay on as technology adviser to Satya Nadella and other Microsoft leaders, the company said.
Nadella put out a written statement. “It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years,” he said. “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.”
Chenault takes the Berkshire seat
Berkshire’s side of the story came through an SEC filing. Gates has sat on its board since 2004, and former American Express CEO Kenneth Chenault will replace him.
Chenault, 68, is giving up a seat of his own to make room. Facebook confirmed on Friday that he is leaving its board, where he had served since 2018 after retiring as chairman and CEO of AMEX. In a statement posted on Facebook’s website, he called the Berkshire role, and the chance to work closely with his friend and Berkshire CEO Warren Buffett, “a once-in-a-lifetime opportunity.”
His reason for dropping Facebook was a matter of principle. “I also believe good corporate governance entails limiting the number of board commitments for any director,” Chenault said.
A step away from Microsoft, years in the making
Gates stopped running Microsoft’s day-to-day business in 2008 and has spent his time since on global health, industrial development and education through the Bill and Melinda Gates Foundation. His stint as chair of Microsoft’s board ended in 2014. According to the company, he plans to do more work on climate change.
Bloomberg’s Billionaire Index puts his net worth at over $100 billion, which makes him the second richest person in the world behind Amazon’s Jeff Bezos.
