Microsoft has announced that co-founder and technology adviser Bill Gates has stepped down from the company's Board of Directors "to dedicate more time to his philanthropic priorities including global health, development, education, and his increasing engagement in tackling climate change." Gates has served as the chairman of the board since February 4, 2014.

"It's been a tremendous honor and privilege to have worked with and learned from Bill over the years," Microsoft CEO Satya Nadella wrote. "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."

Nadella continued, "The board has benefited from Bill's leadership and vision. And Microsoft will continue to benefit from Bill's ongoing technical passion and advice to drive our products and services forward. I am grateful for Bill's friendship and look forward to continuing to work alongside him to realize our mission to empower every person and every organization on the planet to achieve more."

"With respect to Microsoft, stepping down from the board in no way means stepping away from the company," Gates said, according to CNBC. "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 and how it can continue to benefit the world."

Alongside Paul Allen, who died in 2018, Gates co-founded Microsoft in 1975. Until 2000, Gates was the company CEO. He was succeeded by Steve Ballmer who then passed the role on to Satya Nadella in 2014--the same year Gates became chairman of the board.

2020 will continue to be a big year for Microsoft, as the company prepares to launch its cloud-based gaming service Project xCloud and next-gen console Xbox Series X. The latter is scheduled to release during the holiday season alongside Sony's next-gen console, the PlayStation 5.