Bill Gates, the co-founder of Microsoft and one of the richest men in the world, is officially stepping down from his position of power today. Going forward, he will devote his time and attention on charity work. He won’t sever his ties with Microsoft completely though. He will remain the company’s non-executive chairman.

One of Bill Gates’ charities include his scholarship, the Millennium Scholars Program, created to offer financial aid for minority students who are planning to attend college.

Since Gates himself dropped out of Harvard, this is probably his way of encouraging students to stay in school.

The remaining employees at Microsoft will divide what used to be Gates’ duties among themselves, and call the shots regarding the future of the company.