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Microsoft's Gates to Leave ICOS Board
January 10, 2005
WASHINGTON - Microsoft Corp. Chairman Bill
Gates will resign from the board of drug developer
ICOS Corp. to focus his attention on his board
seat at Warren Buffett's Berkshire Hathaway
Inc., according to a regulatory filing Monday.
Gates said he would resign from ICOS effective
Feb. 9. The Bothell, Wash., company codeveloped
erectile dysfunction treatment Cialis.
In a letter sent to ICOS Chairman Paul Clark
last Tuesday, Gates explained his resignation.
"Just prior to Christmas, Warren Buffett
asked me to join the board of directors at Berkshire
Hathaway. I agreed, and this was announced just
a few days later. I hadn't expected this, but
given my friendship with Warren and my interest
in helping out in any way he ever asks, Berkshire
is now my highest priority for board membership,"
Gates said in the letter.
"A challenge for me has always been managing
my time effectively so that I feel confident
about my contributions at Microsoft, my foundation
and at home. With this in mind, I have always
limited my involvement to only one outside public
board," Gates said.
He further said that "joining the ICOS
team in 1990 was a great opportunity for me
because of my interest in science and the biotechnology
business. It's been immensely interesting to
have been involved with the company from its
early days ... I plan to be a long-term shareholder
in the company."
Berkshire Hathaway elected Gates as a director
to fill a vacancy created by the death of Buffett's
wife, Susan T. Buffett.
ICOS shares closed Monday at $26.85, down 2
cents, on the Nasdaq Stock Market.
source:-http://www.miami.com
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