Bill Gates steps down from Microsoft’s board of directors

Credit: DaytonDailyNews

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What You Need To Know: Bill Gates

Credit: DaytonDailyNews

Bill Gates is stepping down from Microsoft, the software giant he co-founded 45 years ago, according to a statement by the company Friday.

Gates also said he was stepping down from the board of directors of Berkshire Hathaway, run by his close friend Warren Buffett, The New York Times reported.

Gates is stepping away so he can focus on his philanthropic projects, CBS News reported.

"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," Gates wrote in a LinkedIn post. "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."

Gates left his day-to-day role at Microsoft in 2008 and served as the board's chairman until 2014, the Times reported. He co-founded Microsoft in 1975 with Paul Allen, CBS News reported.

"It's been a tremendous honor and privilege to have worked with and learned from Bill over the years," Microsoft CEO Satya Nadella said in a statement. "Bill founded our company with a belief in the democratizing force of software and a passion to solve society's most pressing challenges. And Microsoft and the world are better for it."