The 50-year-old Gates says he wants to spend more time on the Bill and Melinda Gates Foundation.
'I have decided that two years from today, starting July 2008, I will reorder my personal priorities. Today I am working full-time for Microsoft and part-time for the Gates Foundation. Starting two years from now, I will shift, work full-time at the Foundation, part-time at Microsoft as Chairman and as a senior technical adviser,' Gates told a press conference on Thursday.
While Chief Technical Officer Ray Ozzie will take over Gates' title of chief software architect, Craig Mundie, now chief technical officer, will take the new title of chief research and strategy officer.
"It's not a retirement, it's a reordering of my priorities," Gates told reporters.
Gates, who dropped out of Harvard to establish Microsoft, is one of the most influential businessman of his time, apart from being one of the richest people in the world.
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Economic analysts believe Gates' stepping down will have little to no impact on Microsoft and an indication of this was shares trading up 19 cents on the NASDAQ following the announcement.
From News.com: End of the Gates Era
In recent years, Gates, along with his wife Melinda, have been spending an increasing amount of time with the Bill and Melinda Gates Foundation whose assets are now in the neighbourhood of $30 billion.
Gates Foundation has walked the talk
The Foundation is very well known for its activities in different parts of the world, particularly in Africa and in India where it is involved in health care for the poor and the needy.
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