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UPDATED: Gates To Retire in 2008

Bill Gates, Microsoft’s co-founder, largest stockholder and chairman, announced on Thursday he plans to retire in July 2008. He passed his responsibilities and job title of chief software architect effective immediately to Ray Ozzie who was, until now, one of three chief technical officers.

Gates said he will gradually transition over his day-to-day responsibilities in order to devote more of his efforts towards the Bill & Melinda Gates Foundation. He and his wife, Melinda, have endowed a foundation with more than $29.1 billion.

Bill Gates isn't leaving Microsoft, he's just leaving his day-to-day responsibilities there. That was the message Microsoft Corp. sought to send Thursday when it announced that Gates planned to step back from his regular duties in July 2008, while still continuing to be chairman of the company he co-founded.

Gates stressed that although he would be giving up day-to-day responsibilities, he would still play a role at the company.

"I'm not leaving Microsoft," he said.

Gates also said he had no plans to give up the distinction of being the company's largest shareholder.

"I'm proud of that," he said.

But Gates said Microsoft is always facing new competitors and challenges, and the recent spate didn't affect his decision.

"Our leadership team has never been stronger," he said.

"Bill and I are confident we've got a great team that can step up to fill his shoes and drive Microsoft innovation forward without missing a beat," Ballmer said.

Ozzie and Mundie will continue to report to Gates, as will the company's third chief technical officer, David Vaskevitch. At an unspecified time during the two-year transition period, they will shift to reporting to Ballmer.

Resource article: Yahoo News and Redmondmag

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