Bill Gates has decided to step down from Microsoft's board of directors, according to an announcement on LinkedIn, saying the Microsoft co-founder wants to devote more time to "philanthropic priorities."

Gates co-founded Microsoft in 1975 and will remain involved with the company in some capacity despite the change in focus.

"Stepping down as a director never means leaving the company," he said. Microsoft will always be an important part of my life's work, and I will continue to be involved with Satya [Nadella] and the leaders of the technology division in shaping the vision and achieving the ambitious goals of the company." I am more optimistic than ever about the progress the company is making and how it can continue to benefit the world."

Gates is also stepping down from the board of Berkshire Hathaway, the investment firm founded by Warren Buffett. Gates' current priorities are global health and development, education, and "strengthening efforts to address climate change."

Since reducing his practice at Microsoft, Gates has invested more time in philanthropy, including the Bill & Melinda Gates Foundation. However, he is still the second wealthiest person in the world.