Jeff Raikes, Gates Foundation CEO, Stepping Down

09/10/2013 12:41 pm ET | Updated Sep 10, 2013

SEATTLE -- Bill and Melinda Gates Foundation CEO Jeff Raikes announced Tuesday he's stepping down.

The 55-year-old Nebraska native and former Microsoft executive says he made a five-year commitment when he took the position in 2008. Raikes will remain on the job until a successor is named.

The Seattle-based foundation is largely funded by Microsoft Chairman Bill Gates and Berkshire Hathaway Chairman Warren Buffett.

The Gates Foundation funds programs to address poverty and poor health in developing countries.

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