The Gates Foundation agrees to a backup plan amid Bill and Melinda’s divorce
The Gates Foundation has a backup plan in place in case Bill and Melinda Gates struggle to work together amidst their divorce.
The deal consists of a two-year trial for the former couple, in which Ms. Gates can choose to resign upon its completion. She will also receive ”personal resources’ from her ex-husband for her own charity work.
The agreement comes as The Gates’ divorce raised concerns about the future of the organisation.
“I believe deeply in the foundation’s mission and remain fully committed as co-chair to its work,” Melinda Gates said in a statement.
Future plans for the foundation
Melinda Gates will remain a trustee during the trial period. However, it was announced on Wednesday that new trustees will be appointed to oversee its work. Chief Executive Mark Suzman stated that they will be appointed in January.
Any funds received by Ms. Gates after her resignation will be “completely separate from the foundation’s endowment, which would not be affected.”
Billionaire Warren Buffet has also agreed to step back from the board. He believes his “physical participation is in no way needed” for the foundation to achieve its goals.