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Jeff Raikes, Gates Foundation CEO, Stepping Down

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Microsoft executive Jeff Raikes, left, shake hands with Bill Gates, right, during a conference in San Francisco, Oct. 16, 2007. It was announced Monday, May 12, 2008, that Raikes will be the next CEO of the Bill & Melinda Gates Foundation. The world's largest charitable foundation has been looking for a new leader since CEO Patty Stonesifer announced in February 2008 that she would be stepping down. After completing his five-year commitment, Raikes announced that he will be retiring. (AP Photo/ | AP

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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