Warren Buffett’s resignation came the charitable organisation faced a difficult time with the divorce of its two founders.
“For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said.
“The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100 per cent in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”
Bill Gates and his wife, Melinda French Gates announced their divorce in May. The couple, along with Bufett were creators of the Giving Pledge, a programme that requires participants to give away more than of their wealth.
On Wednesday, Bufett said he will donate $4.1 billion worth of Berkshire Hathaway shares to five foundations.
In 2006, the 90-year-old investor pledge to give away all of his Berkshire shares through annual gifts to Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.
Buffett added that his 16 annual contributions to the five foundations over the years were worth $41 billion in total.