Photos: Microsoft announces Gates stepping down

"I remain fully committed and full-time at Microsoft through June 2008 and will be working side-by-side with Ray (Ozzie) and Craig (Mundie) to ensure that a smooth transition occurs," said Gates.

During his announcement, Gates explained that he has been working part-time for the Bill & Melinda Gates Foundation and full-time for a company that has made him the richest man in the world, and he wished to reverse those priorities.