The Gates Foundation will be making several significant changes, one of which will give Bill Gates complete control of the $50 billion philanthropic foundation if he and his newly divorced wife, Melinda French Gates, run into issues working together over the next two years.
The foundation's chief executive, Mark Suzman, announced that on Wednesday -- along with several other announcements about how it will be operated in the future.
"They have agreed that if after two years either one of them decides that they cannot continue to work together, Melinda will resign as co-chair and trustee," Mr. Suzman said in a message to foundation employees Wednesday, The New York Times reported.
Related
If French Gates does resign from her position, she will be compensated by Gates to continue her philanthropic work, he added.
The announcement comes only two months after the couple announced their divorce to the world, after 27 years together. When they made their split public, they spoke about the importance of the work done with the foundation and that they "continue to share a belief in that mission."
Gates and French Gates have run the foundation since its creation two decades ago. Those in charge have always remained close to the former couple, and up until a year ago, it was run by Gates, French Gates, Gates' father, and Warren Buffet.
In January of 2022, the foundation will be announcing new trustees for the first time outside the Gates' close circle. This will help expand the foundation's reach, which has had a tight grip on the reins for more than 20 years now.
Philanthropy experts have urged the foundation to announce additional trustees for years now.
French Gates shared her thoughts on the expansion of the foundation's governance.
"These governance changes bring more diverse perspectives and experience to the foundation's leadership," French Gates said in a statement. "I believe deeply in the foundation's mission and remain fully committed as co-chair to its work."
Related
Other announcements also included the addition of $15 billion in resources to the already amassed $50 billion.
With the decision made on how the foundation will be run post-divorce, Gates has continued to echo the point he and French Gates made in May.
"These new resources and the evolution of the foundation's governance will sustain this ambitious mission and vital work for years to come," Gates said in a statement.
According to The New York Times, there is still work needed to handle the process, but the decision on new trustees and the changes to the foundation's governance documents will be made by the former couple.