Gates Foundation’s Future Hammered Out, With Health Charity Work At Stake
As part of their divorce negotiations, Bill and Melinda French Gates agree to continue jointly running their foundation for the next two years. If that arrangement is unsuccessful, he can buy her out after that period.
The New York Times:
Bill Gates Can Remove Melinda French Gates From Foundation In Two Years
Bill Gates and Melinda French Gates have at times referred to the foundation they established together as their “fourth child.” If over the next two years they can’t find a way to work together following their planned divorce, Mr. Gates will get full custody. That was one of the most important takeaways from a series of announcements about the future of the world’s largest charitable foundation made on Wednesday by its chief executive, Mark Suzman, overshadowing an injection of $15 billion in resources that will be added to the $50 billion previously amassed in its endowment over two decades. (Kulish, 7/7)
CNN:
Bill Gates Could Oust Melinda French Gates From Their Foundation In 2023
Bill Gates and Melinda French Gates are giving themselves a two-year trial period to see if they can co-parent the massive charitable foundation that they have treated as another one of their children. When the couple announced their divorce two months ago, they said they would both stay on as co-chairs of the Bill & Melinda Gates Foundation. But on Wednesday, the foundation's CEO announced a contingency plan "to ensure the continuity of the foundation's work." (Morrow, 7/7)
Fox Business:
Bill And Melinda Gates Foundation Outlines Leadership Contingency Plan Amid Divorce
In order to support the contingency plan, the foundation will add new trustees to its board, who will "bring new perspectives, help guide resource allocation and strategic direction, and ensure the stability and sustainability of the foundation." Bill, Melinda and Warren Buffett currently serve as the organization's three trustees, though Buffet is stepping away from his position. The foundation's CEO Mark Suzman and chief operating officer and legal officer Connie Collingsworth will lead the executive leadership team as it works in consultation with both inside and outside experts as well as Bill and Melinda to develop recommendations for the number of new trustees and the selection process. (Manfredi, 7/7)
ABC News:
Gates Foundation Sets 2-Year, Post-Divorce Power Share Trial
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. (Hadero, 7/7)
