LOS ANGELES, June 15 (Xinhua) -- Microsoft Corp. co-founder and chairman Bill Gates said Thursday he would opt out of a daily role in the software giant by July 2008 to spend more time with his foundation.

Microsoft Corp. founder Bill Gates looks on during a news conference at the company headquarters in Redmond, Washington June 15, 2006. (Xinhua/Reuters Photo)

    "This was a hard decision for me," said Gates, who founded the world's largest software company with childhood friend Paul Allen.

    Gates will continue on as the company's chairman after transferring his duties over a two-year period.

    "I'm very lucky to have two passions that I feel are so important and so challenging. As I prepare for this change, I firmly believe the road ahead for Microsoft is as bright as ever," he said in Redmond, Washington State.

    The company's Chief Technical Officer Ray Ozzie will immediately assume the title of chief software architect and begin working side by side with Gates on all technical architecture and product oversight responsibilities, to ensure a smooth transition.

    Chief Technical Officer Craig Mundie will immediately take the new title of chief research and strategy officer and will work with Gates in those areas.

    The Bill & Melinda Gates Foundation, a charity devoted to promoting health and education projects around the world, was founded by Gates and his wife in 2000. Enditem