Warren Buffett has announced his departure from the Bill and Melinda Gates Foundation.
Warren Buffett, the 90-year-old businessman, announced his resignation as a trustee of the Bill and Melinda Gates Foundation on Wednesday.
Buffett didn’t say why he’s quitting the foundation in a statement, but he did say he’d resigned from all business boards save Berkshire Hathaway’s. Buffett went on to say that Mark Suzman, the foundation’s new CEO, is an “excellent” choice who has his “whole support.”
“My goals are 100 per cent aligned with the foundation’s,” Buffett stated, “and my physical engagement is in no way required to achieve these goals.”
Bill Gates and Warren Buffett are close pals. His statement comes less than a month after Bill and Melinda Gates announced their divorce, and accusations surfaced regarding Gates’ inappropriate behaviour with Microsoft employees decades ago.
The Bill and Melinda Gates Foundation was established in 2000 and is supported by the couple’s personal wealth, as well as numerous other Gates family charities and a pledge from Warren Buffett. According to the foundation’s website, it has spent approximately $54 billion on a variety of projects linked to global health, poverty alleviation, and, most recently, the global distribution of Covid-19 vaccinations.
Shortly after the divorce news broke, the foundation said that “no changes to their roles or the organization are anticipated.”
Buffett announced his resignation as part of a larger statement on his charitable goals, in which he mentioned that he just promised $4.1 billion in Berkshire Hathaway (BRKA) stock, putting him halfway toward his goal of giving away 99 per cent of his net worth. In 2006, he declared that he would be donating all of his company’s shares. He has a total of 238,624 Berkshire Hathaway shares that are still available.
Despite recently naming a successor, Buffett stated that Wednesday’s announcement is “not a swan song” for him.
“I still enjoy running around with the ball in my hands. But I’m definitely in a game that has gone past the fourth quarter and into overtime for me “Buffett penned an article.