Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities, the BBC has reported.
The billionaire says "it is the right time" to take his next step, which will be focusing on global health and development, education, and tackling climate change.
Gates has also left the board of Warren Buffett's massive holding company Berkshire Hathaway.
In a statement posted on LinkedIn, the 65-year-old writes:
"I have made the decision to step down from both of the public boards on which I serve – Microsoft and Berkshire Hathaway – to dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change. The leadership at the Berkshire companies and Microsoft has never been stronger, so the time is right to take this step.
"Serving on the Berkshire board has been one of the greatest honors of my career. Warren and I were the best of friends long before I joined and will be long after. I look forward to our continued partnership as co-trustees of the Bill & Melinda Gates Foundation and co-founders of The Giving Pledge."
In 1975, a 19-year-old Bill Gates dropped out of his sophomore year at Harvard to launch Microsoft with his childhood friend Paul Allen.
In 1980, the pair had their big break when Microsoft signed an agreement with IBM to build the operating system that later became known as MS-DOS.
Gates later became the world's youngest self-made billionaire in 1987 - a year after Microsoft went public. According to Forbes, Gates' current net worth is $103.6 billion (USD).
In the post, Gates adds that despite stepping down, he will not be "stepping away" from the company. He adds:
"With respect to Microsoft, stepping down from the board in no way means stepping away from the company. Microsoft will always be an important part of my life’s work and I will continue to be engaged with Satya and the technical leadership to help shape the vision and achieve the company’s ambitious goals. I feel more optimistic than ever about the progress the company is making and how it can continue to benefit the world."
Finally, Gates ended his statement by expressing his excitement for the "next phase" of his life, writing:
"I am looking forward to this next phase as an opportunity to maintain the friendships and partnerships that have meant the most to me, continue to contribute to two companies of which I am incredibly proud, and effectively prioritize my commitment to addressing some of the world’s toughest challenges."
Gates stepped down from his role running Microsoft in 2008.
This is a developing story. More to follow...