Gates Foundation hires California university leader

The Bill & Melinda Gates Foundation has named the chancellor of the University of California, San Francisco, to be the third CEO of the world's largest charitable foundation.

Chancellor Susan Desmond-Hellman will take over from Jeff Raikes in May. Raikes announced his retirement in September after five years as foundation CEO.

Melinda Gates said today they chose Desmond-Hellman because of her scientific knowledge and technical expertise on the foundation's issues.

Desmond-Hellman is an oncologist by training with expertise in public health, drug development, regulatory innovation and health policy.

University of California President Janet Napolitano said Desmond-Hellmann helped navigate the institution through difficult financial times, and make it No. 1 in National Institutes of Health funding for public universities.