Billionaire philanthropist Melinda French Gates is stepping down from the Bill & Melinda Gates Foundation, the charitable organization that she co-founded in 2000 with her now ex-husband, Microsoft co-founder Bill Gates. 

French Gates said in a social media post that her last day at the foundation will be June 7, adding that she plans to move onto "the next chapter" of her philanthropic work. In a separate statement, Bill & Melinda Gates Foundation CEO Mark Suzman said the organization would be changing its name to the Gates Foundation.

In departing the foundation, French Gates said her plan is to focus on "women and girls in the U.S. and around the world." She noted that as part of her departure agreement from the foundation she'll receive $12.5 billion to commit to those goals. 

"[T]hose fighting to protect and advance equality are in urgent need of support," French Gates wrote in her statement.

Melinda French Gates and Bill Gates were married for 27 years before announcing their divorce in May 2021, a decision that  she described to "CBS Mornings" anchor Gayle King in 2022 as "painful." She added at the time that the pair intended to continue working together on their foundation.

Gates Foundation CEO Suzman described her departure as "very sad news."

"I want to reassure you that the millions of people our work serves and the thousands of partners we work alongside can continue to count on the foundation," he added. 

At the end of 2023, the foundation had $75.2 billion in assets, according to its website.

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• Bill & Melinda Gates Foundation

Aimee Picchi

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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