Wednesday, May 28, 2008

World's Biggest Foundation Hires New CEO

The Bill & Melinda Gates Foundation recently revealed that its new leader will be former Microsoft executive Jeff Raikes. With close to $40 billion in assets, this is by far the largest private foundation. How big? The next four largest foundations – Ford Foundation, Robert Wood Johnson Foundation, William and Flora Hewlett Foundation and W.K. Kellogg Foundation – each have assets totaling only about a quarter of the Gates Foundation.

We wish Mr. Raikes all the best as he leads the Gates Foundation in its efforts to practice responsible and effective philanthropy as it gives away $2.5 billion this year.

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