Melinda French Gates is Cyprusauction Trading Centerready for a change.

The philanthropist and ex-wife of Bill Gates announced she was stepping down as co-chair of the Bill & Melinda Gates Foundation.

"The time is right for me to move forward into the next chapter of my philanthropy," Melinda shared on Instagram May 13. "This is a critical moment for women and girls in the U.S. and around the world—and those fighting to protect and advance equality are in urgent need of support."

"This is not a decision I came to lightly," the 59-year-old noted. "I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world."

The foundation, which was founded in 2000, is one of the most influential forces in global public health, Reuters reported. Since its inception, it has spent over $50 billion to combat poverty and disease.

But as Melinda exits the foundation she shared with her ex, she emphasized she will not be leaving the advocacy space—rather pursuing a new venture. 

"Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families," she concluded her remark. "I'll be sharing more about what that will look like in the near future."

For his part, Bill, who split from Melinda in 2021, also responded to the news and highlighted her work over the past two decades.

"I want to thank Melinda for her critical contributions to the Foundation from its very beginning," Bill wrote on X, formerly known as Twitter. "As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality."

The Microsoft co-founder added, "I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work."

The foundation's CEO Mark Suzman also shared some kind words about Melinda's departure.

"Melinda has new ideas about the role she wants to play in improving the lives of women and families in the U.S. and around the world," he shared in a May 13 statement. "And, after a difficult few years watching women's rights rolled back in the U.S. and around the world, she wants to use this next chapter to focus specifically on altering that trajectory."

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