Gates Foundation Names New CEO From Microsoft Ranks

May 12, 2008 1:24 p.m. EST

Seattle, WA (AHN) - The Bill & Melinda Gates Foundation named Jeff Raikes CEO of the philanthropy founded by Microsoft's Chairman. Raikes, like outgoing CEO Patty Stonesifer, was a Microsoft executive.

Raikes, while at Microsoft, lead the software business unit, which is responsible for Office, among other products. Stonesifer, who headed the organization since its 1997 creation, plans to step down January 2009.

Since it began, the foundation has handed-out $16 billion for health, education and other issues. Last week, the foundation donated $3 million for Myanmar relief and will provide software to assist families affected are able to communicate.