Bill Gates has the option of removing his estranged wife Melinda French Gates from the board of their foundation in two years if their pos...
Bill Gates has the option of removing his estranged wife Melinda French Gates from the board of their foundation in two years if their post-divorce relationship deteriorates to the point where they can't work together, the charity announced.
The soon-to-be-divorced billionaires will continue to work together as co-chairs of their foundation even after their planned divorce.
However, if after two years Gates and French Gates decide they cannot continue in their roles, French Gates will resign her positions as co-chair and trustee, according to the Bill and Gates Melinda Foundation.
If French Gates resigns, Gates would essentially buy her out of the foundation, one of the world's largest private charitable organizations, and she would receive resources from him to do her own philanthropic work.
The resources received would be separate from the foundation's endowment, according to the announcement.
Bill Gates has the option of removing his estranged wife Melinda French Gates from the board of their foundation in two years if their post-divorce relationship deteriorates to the point where they can't work together, the charity announced. The couple is seen above on May 3
The soon-to-be-divorced billionaires will continue to work together as co-chairs of their foundation even after their planned divorce. However, if after two years Gates and French Gates decide they cannot continue in their roles, French Gates will resign her positions as co-chair and trustee, according to the Bill and Gates Melinda Foundation. Melinda is seen above at Elysee Palace in Paris on July 1
The 65-year-old Microsoft co-founder announced plans to divorce French Gates, his wife of 27 years, on May 4.
Since then, reports have emerged claiming that Bill Gates used an elaborate system of meeting women, including switching cars in order to cover his tracks.
In May, The New York Times reported that Gates, a father of three, pursued women who worked for him a few times when he was the chairman of Microsoft.
He once emailed an employee to ask her out to dinner, and another time told a woman who worked for the Gates Foundation that he wanted to take her out to dinner while they were on a business trip to New York.
In 2019, Microsoft's board of directors opened an investigation into his behavior after it was notified about his advances on an employee in 2000, and Gates stepped down from the board the following year, after the company hired a law firm to look into the allegation.
Mark Suzman, the Gates Foundation's CEO, said in a statement that the couple has added $15billion to the charity's endowment
A spokeswoman has said that his 'decision to transition off the board' had nothing to do with the affair, and Gates himself has described it as ill-advised and in the past.
Vanity Fair magazine reported that many of the Microsoft employees were made to sign Non-Disclosure Agreements (NDAs) to prevent them from talking about his management style.
The former Microsoft boss has been described by at least one employee of being 'unrelenting' and 'condescending.'
Despite the acrimony surrounding their pending divorce, however, the couple appears intent on continuing their joint philanthropic work.
To reflect their commitment to continue the Gates Foundation together, Gates and French Gates announced an additional $15billion to the foundation's endowment.
Gates Foundation CEO Mark Suzman also announced that the foundation would expand its board of trustees.
Currently, only Gates and French Gates are on the board of trustees, after Berkshire Hathaway CEO Warren Buffett's resignation as trustee in June.
'Our vision for the foundation has grown over time, but it has always been focused on addressing inequity and expanding opportunity for the world´s poorest people,' Bill Gates said in a statement.
'These new resources and the evolution of the foundation's governance will sustain this ambitious mission and vital work for years to come.'
Gate and French Gates announced in May that they were divorcing after 27 years of marriage.
'I am deeply proud of all that the foundation and its partners have accomplished over the past two decades to bring us closer to a world where everyone, everywhere has the chance to live a healthy and productive life,' said French Gates in a statement.
Bill Gates and Melinda French Gates, pictured in May 2018, shocked many with the announcement in May that they were ending their 27-year marriage
'These governance changes bring more diverse perspectives and experience to the foundation's leadership.
'I believe deeply in the foundation´s mission and remain fully committed as co-chair to its work.'
In May, The Wall Street Journal was first to report that the couple was considering the addition of board members.
It was French Gates who insisted on expanding the board in order to ensure 'future stability' for the charity.
The decision came amid their pending divorce and the publicity surrounding Bill Gates' relationship with convicted sex offender Jeffrey Epstein after it was reported they met multiple times.
Epstein, who has been accused of sex trafficking minors, even reportedly gave Bill marriage advice.
Epstein, who had been charged with sexually abusing dozens of young girls in the early 2000s, died by suicide while in custody in 2019.
French Gates was said to have been deeply uncomfortable with Epstein after their first meeting, and urged her husband to steer clear of the pedophile financier.
Yet Gates held several meetings with Epstein - to the chagrin of his wife.
Billionaire Warren Buffett resigned as a member of the foundation's board of trustees. Melinda French Gates has insisted that the foundation expand the number of people on the board, something that her estranged husband has agreed to do
Sources told The Wall Street Journal that Gates Foundation leaders are trying to protect its reputation after recent calls from grant recipients questioning Bill's ties to Epstein.
Suzman, who handles the foundation's daily operations after joining the foundation in 2007, told the outlet in a statement that 'no decisions have been made' regarding any changes.
'Bill and Melinda have reaffirmed their commitment to the foundation and continue to work together on behalf of our mission. These discussions are part of their prudent planning for the future,' he said.
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