Melinda French Gates announced her retirement as co-chair of the Bill & Melinda Gates Foundation on Monday, a decision that would likely have a significant impact on the philanthropic community.

In a statement made public on Monday, she reaffirmed, "The time is right for me to move forward into the next chapter of my philanthropy."

French Gates disclosed that, as a result of separation agreement with her ex-husband, Microsoft co-founder and billionaire Bill Gates, she will get "an additional $12.5 billion to commit to my work on behalf of women and families." Her departure from the foundation - a massive force in international philanthropy - is scheduled to go into effect on June 7.

After filing for divorce in May 2021, French Gates had earlier stated that she intended to stay at the well-known charity for a two-year term, working to co-lead the organization with her former spouse. French Gates' intention to continue serving as co-chair was disclosed to The Wall Street Journal by her representatives as recently as July. In a second statement, Gates said, "I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work."

Initiated in 2000 with the broad goal of addressing global poverty, illness, and inequality, the Bill & Melinda Gates Foundation has had a lasting impact on public health. Especially, it has been essential to efforts to end malaria and polio.

As of the end of the previous year, the foundation had awarded $77.6 billion in grants since its founding and had a $75.2 billion total endowment. Co-founder of the Giving Pledge with French and Bill Gates, Warren Buffett has given $39.3 billion to the foundation.

French hints Gates's absence has been noticeable for a while. Business Insider first reported on the couple's conflicting priorities inside the foundation in 2021. While French Gates was concentrating on global development, gender equality, and educational initiatives in the United States, Gates was focusing on global health and climate change, according to sources within the organization who spoke with BI.

Early in 2022, there were rumors that suggested French Gates was allocating the majority of her wealth, which is now estimated by the Bloomberg Billionaires Index to be $13.3 billion, to organizations other than the foundation bearing her name. Pivotal Ventures and Pivotal Philanthropies Foundation, which focus on promoting social change and "expanding women's power and influence in the United States," have received a portion of her gifts.