Bill Gates and Melinda French Gates, co-founders of Microsoft Corporation (NASDAQ: MSFT), have agreed to a two-year trial period as co-chairs of the Bill & Melinda Gates Foundation, according to CEO Mark Suzman.
What happened was this: The co-chairs’ proposals were unveiled as part of a strategy to continue the foundation’s efforts “to battle poverty, sickness, and unfairness in the United States and around the world,” according to Suzman.
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“If after two years, either decides they cannot continue to work together as co-chairs, French Gates will quit her role as co-chair and trustee,” the CEO explained.
“French Gates would get personal resources from Gates in exchange for her charity work in this case. These funds would be distinct from the foundation’s endowment, which would remain unaffected.”
Suzman emphasized that the couple had proved that they were “totally committed to continuing to work constructively together at the foundation to promote its program and policy objectives” as part of their divorce agreement, which was publicized in May.
Why Does It Matter? According to an earlier allegation, Bill and Melinda French Gates contributed $20 billion in Microsoft stock to the foundation before announcing their divorce.
Suzman announced on Wednesday that the two have pledged $15 billion to the organization.
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Warren Buffett, CEO of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B), is a trustee of the Seattle, Washington-based charity. Since its founding, it has distributed $54.8 billion in awards.
According to Suzman, the co-chairs have chosen to increase the number of trustees, which will “offer new ideas, help guide resource allocation and strategic direction, and assure the foundation’s stability and sustainability.”
Microsoft shares closed nearly 0.8 percent higher at $279.93 in normal trading on Wednesday, then added 0.17 percent in after-hours trading.
Read Next: Why Did Bill Gates Step Down From Microsoft’s Board of Directors? According to reports, an investigation into a previous affair is underway.
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