New chief executive for Gates Foundation

The Bill and Melinda Gates Foundation has appointed a new chief executive.

Microsoft executive Jeffrey Raikes will replace Patty Stonesifer, who announced in February that she would be stepping down from her position. Mr Raikes will assume the role in September.

The foundation is organised into the divisions, Global Health, Global Development and the US Program. It has a $37.2 billion (£19 billion) endowment and employs more than 500 people.

Melinda Gates, co-chair of the foundation, said that she and Bill Gates considered many candidates for the position.

"Jeff brings more than 25 years of experience in the private sector and has earned a reputation as a trusted and respected leader," she said.

The Global Health division of the foundation focuses on improving access to existing vaccines and drugs to fight diseases in developing countries such as HIV, malaria and tuberculosis.

It recently gave 13 new grants, totalling nearly $200 million (£102 million), to help the fight against malaria.

This included $15 million (£7.69 million) for PATH, an international non-profit organisation, to support to its Malaria Control and Evaluation Programme in Africa.