NEW YORK (CNNMoney.com) – Microsoft announced Thursday that chairman and co-founder Bill Gates will transition out of a day-to-day role at the company, effective July 2008, to spend more time working on his charitable foundation.
Gates will then work part-time at Microsoft (up $0.19 to $22.07, Charts) as chairman and technical adviser and will work full time for the Bill and Melinda Gates Foundation, the organization he founded with his wife, which focuses on global health and education.
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“I believe with great wealth comes great responsibility – the responsibility to give back to society and make sure those resources are given back in the best possible way, to those in need,” he said. Gates added, “It’s not a retirement, it’s a reordering of my priorities.”