Microsoft co-founder Bill Gates on Friday said he is stepping down from the company's board to dedicate more time to philanthropic activities. He will also step down from the board of Berkshire Hathaway, the conglomerate run by Warren Buffett.

"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," he said in a LinkedIn post on Friday.

Announcing his latest move, he further said the company will always be an important part of his life's work and he will continue to be engaged with its leadership.

"I am looking forward to this next phase… and continue to contribute to two companies of which I am incredibly proud, and effectively prioritise my commitment to addressing some of the world's toughest challenges," he added.

Gates co-founded Microsoft in 1975 with Paul Allen. He was the CEO of the company until 2000 when Steve Ballmer took over the role. Since then, he has gradually reduced his involvement in the company, according to a CNBC report.

Microsoft’s current chief executive officer, Satya Nadella, took over in 2014.

Gates is listed by Forbes as the world's second-richest man after Amazon founder Jeff Bezos.

First Published:Mar 14, 2020 11:15 AM IST