Microsoft founder Bill Gates plans to cut back his daily work at the company, immediately giving up the title of chief software architect and eventually, in two years, becoming a part-time employee though remaining as chairman, Reuters reports. Gates said he has been working part time for the Bill & Melinda Gates Foundation and full time for the company, and he wished to reverse those priorities.

Microsoft's chief technical officer, Ray Ozzie, will immediately assume the title of chief software architect. Craig Mundie, CTO for advanced strategies and policy, will immediately take the new title of chief research and strategy officer and will assume Gates's responsibilities for the company's research and incubation efforts.

Gates, 50, founded Microsoft in 1975 with high school buddy Paul Allen. According to Forbes magazine, he is the richest person in the world with a net worth of $50 billion in 2005.

Microsoft issued a press release Thursday announcing Gates's plans to cut back his role at the company.