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Microsoft announced late Friday that co-founder Bill Gates has stepped down from the company’s board.

Gates, 64, plans to dedicate more time to his philanthropic activities, “including global health, development, education, and his increasing engagement in tackling climate change,” Microsoft said. He and his wife Melinda are co-chairs of the Bill and Melinda Gates Foundation, the world’s largest philanthropic organization.

Gates is also stepping down from the board of Berkshire Hathaway (ticker: BRK.A), where he has been a director since 2004, Berkshire disclosed in a filing with the SEC. Berkshire has nominated former American Express CEO Kenneth Chenault to replace Gates on the board. Chenault is currently chairman of the venture capital firm General Catalyst.

Gates has been gradually reducing his role at Microsoft (ticker: MSFT) for the last 20 years. He completed his tenure as CEO in 2000, ended his day-to-day role in June 2008 and stepped down as chairman in February 2014. Microsoft said today that Gates will remain technology advisor to CEO Satya Nadella and other company executives.

“It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years,” Microsoft CEO Satya Nadella said in a statement. “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.”

The company did not name a replacement for Gates on the board. Microsoft co-founder Paul Allen died of cancer in October 2018 at age 65.

Gates’ departure reduces the number of Microsoft directors to 12, including John W. Thompson, Microsoft independent chair; Nadella; Reid Hoffman, partner at Greylock Partners; Hugh Johnston, vice chairman and chief financial officer of Pepsico; Teri List-Stoll, executive vice president and chief financial officer of Gap; Sandra E. Peterson, operating partner, Clayton, Dubilier & Rice; Penny Pritzker, founder and chairman, PSP Partners; Charles W. Scharf, CEO of Wells Fargo; Arne Sorenson, president and CEO, Marriott International ; John Stanton, chairman of Trilogy Equity Partners; Emma Walmsley, CEO of GlaxoSmithKline; and Padmasree Warrior, founder, CEO and president, Fable Group.

In late trading Friday, Microsoft shares slipped 3.2%, to $153.71. The stock rallied 14.2% to $158.83 in Friday’s regular session, as stocks rebounded sharply from Thursday’s historic selloff.

Write to Eric J. Savitz at eric.savitz@barrons.com