Friday, February 8, 2008

Gates Foundation CEO to Step Down

The New York Times reported on February 7, 2008, that the long-time Chief Executive Officer of the Bill and Melinda Gates Foundation, Patty Stonesifer, will step down from her position as CEO by the end of the year.  Here is an excerpt from the article:

With $37 billion in assets, it is nearly four times the size of the next largest foundation. It dispenses more than $3 billion annually, more than five times the amount distributed by the Ford Foundation, and will have some 800 employees by year’s end.

“This job is mind-boggling because it requires a wholly different skill set than any other job in the philanthropic world,” said Harvey P. Dale, a professor of philanthropy and nonprofit law at New York University. “It’s an enormous challenge.”

Ms. Stonesifer, 51, who has worked for a dollar a year after earning millions as a senior executive at Microsoft, said she was comfortable stepping down now because she believed the foundation had firmly established strategies for achieving its primary goals of improving health, education and nutrition around the world.

For the entire article see "Gates Foundation Head to Leave Longtime Post" in the February 7, 2008, issue of the New York Times.

DAB

http://lawprofessors.typepad.com/nonprofit/2008/02/gates-foundatio.html

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