Melinda Gates said that this wasn't a decision that she came to lightly. (FILE)
Melinda French Gates announced Monday she has decided to resign from her role as co-chair of the Bill & Melinda Gates Foundation - an organization that has become one of the most influential in the world. "My last day of work at the foundation will be June 7," she posted on X.
She insisted that this wasn't a decision that she came to lightly, adding "The time is right for me to move forward into the next chapter of my philanthropy".
"Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families," she said.
Ms French Gates said that she will be sharing more about her charitable plans in the future.
The name of the foundation will change to the Gates Foundation "to honor Bill Sr.'s legacy and Melinda's contributions", said CEO Mark Suzman, adding Bill "will become the sole Chair of the foundation".
Mr Suzman said Ms French Gates made this decision "after considerable reflection, based on how she wants to spend the next chapter of her philanthropy". "Melinda has new ideas about the role she wants to play in improving the lives of women and families in the US and around the world. And, after a difficult few years watching women's rights rolled back in the US and around the world, she wants to use this next chapter to focus specifically on altering that trajectory," he said in a statement.
Terming the development as a "very sad news" that people will need time to process, Ms Suzman highlighted that many were drawn to the foundation because of Ms French Gates' global leadership, "particularly in gender equality, and her ability to connect our work to the people who need support the most".
This is difficult news for me, too. Like you, I truly admire Melinda, and I will deeply miss working with her and learning from her, he said.