CEO Jeff Raikes retiring from Gates Foundation

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Associated Press

Posted on September 10, 2013 at 9:02 AM

Updated Tuesday, Sep 10 at 10:02 AM

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.

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