May 14th 2024.
In a surprising announcement, Melinda French Gates, co-founder of the Bill and Melinda Gates Foundation, proclaimed her decision to step down as co-chair of the organization. This non-profit, which has been in operation for over two decades, has become one of the largest philanthropic organizations in the world. French Gates shared her thoughts on the matter in a statement posted on the X platform on Monday, stating that this was not an easy decision for her to make. She expressed immense pride in the foundation that she and her ex-husband Bill Gates had built together, and the incredible work it has done to address global inequities.
French Gates also took the opportunity to commend the foundation's CEO, Mark Suzman, and the board of trustees, which has grown significantly since the couple's divorce announcement in May 2021. She further stated that the time was right for her to move on to the next chapter of her philanthropic journey. Although she will no longer be co-chair, French Gates will continue her philanthropic efforts through her organization, Pivotal Ventures, which is not a non-profit.
In response to French Gates' departure, Bill Gates released a statement thanking her for her critical contributions to the foundation. He expressed his regret at seeing her leave but was confident that she would continue to make a significant impact in her future philanthropic work. As a result of this change, the foundation will now be known as the Gates Foundation, according to a spokesperson.
As part of her agreement with Gates, French Gates will receive $12.5 billion, which she plans to use for her future work focused on women and families. It is worth noting that these funds will come directly from Gates himself, and not from the foundation's endowment. The Gates Foundation is a major contributor to global health, supporting notable international institutions such as Gavi, the Vaccine Alliance, the World Health Organization, and The Global Fund to Fight AIDS, Tuberculosis, and Malaria. It also funds research on various topics, including child malnutrition, maternal health, and climate change adaptation for small farmers.
In the United States, the foundation has played a significant role in education policy and research, and it has recently pledged to increase its support for anti-poverty initiatives. Latanya Mapp, president and CEO of Rockefeller Philanthropy Advisors, believes that French Gates' departure may come as a surprise to many, but it was not a spur-of-the-moment decision. Mapp also believes that French Gates has already left an impact on the foundation, particularly in terms of gender equity, with the appointment of the first president of the foundation's gender equity division in 2020.
When French Gates officially steps down on June 7, Bill Gates will become the sole chair of the foundation's board. However, CEO Mark Suzman has been taking on a more prominent role in the past three years, such as writing the foundation's annual letter outlining its priorities. This departure once again raises the question of whether power within the foundation should be more widely distributed. According to Linsey McGoey, a professor of sociology at the University of Essex and author of "No Such Thing as a Free Gift: The Gates Foundation and the Price of Philanthropy," there should be more than a tight nucleus of people in charge, as the foundation wields a significant amount of power and funding that can affect those without a "democratic pathway" to contest its usage.
In an email statement, the foundation revealed that Suzman had announced French Gates' decision to the employees on Monday. Suzman stated that French Gates had expressed her desire to focus on altering the trajectory of women's rights, particularly in the face of recent setbacks in the US and around the world. He also acknowledged that many people had joined the foundation due to their admiration for her advocacy, especially in matters of gender equity. Suzman concluded by acknowledging French Gates' popularity within the foundation, stating, "I know how beloved Melinda is here." As of December 2023, the Gates Foundation holds $75.2 billion in its endowment, and in January, it announced its plans to spend $8 billion in the coming year.
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