Microsoft exec to run Gates Foundation

May 12, 2008 10:24:32 AM PDT
The Bill & Melinda Gates Foundation says Microsoft Corp. executive Jeff Raikes will be its next CEO. The world's largest charitable foundation has been looking for a new leader since chief executive Patty Stonesifer announced in February that she would be stepping down.

Raikes has been the top executive in Microsoft's business software division, responsible for such things as the Office software suite, Microsoft's server software and applications that help businesses track customers and business processes.

In the past decade, the Gates Foundation has made more than $16 billion in grants, mostly in global health, global development and U.S. education.