Bill Gates to Quit Microsoft Corp.

Bill Gates, co-founder of the software behemoth Microsoft Corp., announced he will "transition out" of his day-to-day role at the company, making the shift over the next two years, reports Forbes.com. As Microsoft chairman and chief software architect, Gates became an object of admiration and a symbol of a "new economy," becoming increasingly wealthy -- and securing his rank atop the Forbes "World's Richest People" list year after year.

Through The Bill & Melinda Gates Foundation, the philanthropic organization he started with his wife, the billionaire has inarguably done enormous good throughout the world, supporting educational, medical and relief efforts in some of the world's poorest areas -- and hasn't forgotten the needy back home in the United States, says Forbes.com. Gates said he's making the move from Microsoft in order to spend more time on his global health and education work at the foundation.

Now the questions of corporate succession are buzzing. According to reports, the firm's Chief Technical Officer Ray Ozzie will immediately assume Gate's CSA title, and begin working with Gates on supervising all software technical design. Chief Technical Officer Craig Mundie will immediately take the new title of chief research and strategy officer. He'll work with Gates in these areas, and also will partner with general counsel Brad Smith to steer the firm's intellectual property and technology policy efforts, says Forbes.com.