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CEO Jeff Raikes Retiring From Gates Foundation

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Jeff Raikes in 2006 (Getty Images)

Jeff Raikes in 2006 (Getty Images)

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SEATTLE (AP) — 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 name.

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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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