This image was lost some time after publication.

Microsoft just announced that in 2008, chairman Bill Gates will "transition out of a day-to-day role" as chief software architect and focus on his non-profit, the Bill and Melinda Gates Foundation. Of course, it's a fancy way to say Gates is retiring. A veteran Valley journalist says, "'Chairman' is Silicon Valley for 'don't wanna work any more.' It's also code for 'visionary' which is, in turn, code for 'can't get a product out the door.'"

By that definition, the entire Windows team are "visionaries" — but at the age of 51 (and looking 60), the "don't wanna work any more" part is right on. Maybe Gates knows he can do more good to the world with his foundation — where he's invested over half of his fortune — than with that lumbering behemoth, Microsoft.

Microsoft Announces Plans for July 2008 Transition for Bill Gates [Microsoft]