Jeff Bezos to step down as Amazon Chief Executive

Amazon: Amazon founder Jeff Bezos would step down as CEO. While executive chairman, as the company, reported its third consecutive business record profit. Moreover, quarterly sales above $100 billion for the first time.

Now, he will become executive chairman. Before he moves, he said would give him “time and energy” to focus on his other ventures. Mr Bezos, the world’s richest man. Next, he will replace by Andy Jassy, who currently leads Amazon’s cloud computing business.

Bezos, who started the company 27 years ago as an internet bookseller. And he said in a note to employees posted on Amazon’s website. As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy. He also said I need to focus on the Day 1 fund, the Bezos Earth Fund, Blue origin, The Washington Post, and my other passions.

Higher public profile:

Mr Bezos, 57, has led Amazon since its start as an online bookshop in 1994. The company now employs 1.3 million people globally. And has its hand in everything from package delivery, streaming video to cloud services and advertising.

Jassy joined Amazon in 1997 and has an MBA from Harvard Business School. He founded Amazon Web Services (AWS) and grew it to a cloud platform used by millions. He’s amassed a fortune of $196.2bn, according to Forbes list of billionaires.

It already saw its explosive growth skyrocket last year, as the pandemic prompted a surge in online shopping. However, the company reported $386bn in sales in 2020, up 38% from 2019.

‘Not leaving’:

Mr Bezos’s decision to hand over the day-to-day operation of the company came as a surprise. Amazon chief financial officer Brian Olsavsky said: “Jeff is not leaving. He is getting a new job, the board is super active, important in Amazon’s success story.”