Warren Buffett Resigns From Gates Foundation

The other two trustees are getting divorced
By Newser Editors and Wire Services
Posted Jun 23, 2021 12:24 PM CDT
Warren Buffett Resigns From Gates Foundation
In this May 5, 2019, photo, Warren Buffett, Chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb.   (AP Photo/Nati Harnik, File)

Warren Buffett resigned Wednesday as trustee of the Bill and Melinda Gates Foundation, which says it will announce plans in July to answer questions raised about its leadership structure as it deals with the divorce of its two founders. The announcement comes weeks after Bill and Melinda Gates revealed that they were divorcing after 27 years of marriage but would continue to jointly run the foundation, one of the largest charitable foundations in the world, the AP reports. Buffett is one of three members of the foundation’s board; the others are Bill and Melinda Gates. In a statement, the 90-year-old described himself as an "inactive trustee" and said he was resigning from the post as he has done "at all other corporate boards other than Berkshire's."

Buffett described foundation CEO Mark Suzman as an "outstanding recent selection" who has his full support. Buffett, the chairman and chief executive of Berkshire Hathaway, also said Wednesday that he is halfway to reaching his goal of giving away the entirety of his shares in the conglomerate and that he's donating another $4.1 billion in shares to five foundations. More than $3.2 billion went to the Bill and Melinda Gates Foundation, bringing his total giving to the foundation to nearly $33 billion, Suzman said in a statement. "I know Warren’s departure raises questions about the foundation’s governance," Suzman said, adding he has been "actively discussing with him, Bill, and Melinda approaches to ... provide long-term stability and sustainability for the foundation’s governance and decision-making in light of the recent announcement of Bill and Melinda’s divorce."

(Read more Warren Buffett stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.