6/23, 1:46 PM (Source: TeleTrader)
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Buffett resigns as Gates Foundation trustee

Billionaire Warren Buffett announced on Wednesday he will resign as the trustee at the Bill & Melinda Gates Foundation, while donating $4.1 billion in Berkshire Hathaway's shares to five foundations.

"For years I have been a trustee - an inactive trustee at that - of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire's," Buffett announced.

"The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals," he concluded.

Breaking the News / ND