Melinda French Gates said on Monday she would step down as co-chair of the Bill & Melinda Gates Foundation, one of the world’s biggest private charitable foundations, which she co-founded with her former spouse more than 20 years ago.

Her last day of work at the foundation will be 7 June, according to her post on Instagram.

“The time is right for me to move forward into the next chapter of my philanthropy,” she wrote, adding that the CEO, Mark Suzman, and the executive leadership team would “ensure its important work continues”.

Billionaire benefactors Bill and Melinda Gates, co-founders of one of the world’s largest private charitable foundations, filed for divorce in 2021 after 27 years of marriage in 2021. They pledged to continue their philanthropic work together, but said at the time they would undertake a trial period through 2023 to determine whether they would continue to co-manage the charitable foundation.

Founded in 2000, the foundation is one of the most powerful and influential forces in global public health, having spent more than $50bn over the past two decades to bring a business approach to combating poverty and disease. They have infused funds into projects including transforming agriculture technology to aid poverty and hunger as well as extensive health care efforts to fight disease like Aids, tuberculosis and malaria.

Gates said that, per a separation agreement with her former husband, she will leave with an additional $12.5bn, which she will use to continue her work “on behalf of women and families”. The foundation did not immediately respond to request for additional comment.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work,” Bill Gates said in a post on X.