Warren Buffett resigning as Gates Foundation trustee

Warren Buffett resigning as Gates Foundation trustee
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Renowned investor Warren Buffett is resigning as a trustee for the Bill and Melinda Gates Foundation.

The billionaire said in a statement on Wednesday that he had been an inactive trustee for the foundation “for years” and that he is resigning like has done “at all corporate boards” other than his holding company, Berkshire Hathaway.

“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),” Buffett said.

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“I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s. The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support,” he continued. “My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”

The news comes amid a tumultuous period for the foundation. Bill and Melinda Gates filed for divorce in early May after 27 years of marriage.

The Wall Street Journal reported in late May that the duo was discussing changes to the foundation’s structure to establish a board and add outside investors.

Buffett also announced that he has given away $4.1 billion in Berkshire Hathaway shares to philanthropy. He first announced in 2006 that he would distribute all of his shares to charity.

The billionaire said that he now owns 238,624 shares worth about $100 billion, about half of the 474,998 shares he owned in 2006.

His past 16 annual contributions to five foundations — including the Gates foundation — were worth $41 billion.

Buffett donated more than $2 billion worth of Berkshire stock to the Gates Foundation last year, according to Reuters.