Jeff Bezos

Jeff Bezos to Step Down as the Amazon CEO

Business

Jeff Bezos has become a household name as the founder and Chief Executive Officer of Amazon, one of the biggest eCommerce companies in the world. According to the latest reports, however, the billionaire would be giving up the second title. Amazon’s official sources have confirmed that Jeff Bezos will be stepping down from his position as the Chief Executive Officer of the company in later 2021. Bezos has been the CEO of the company since its beginning in 1995, and the change is unprecedented for the eCommerce tech firm. Reports also add that Andy Jassy will be taking the place that Bezos leaves vacant.

The announcement of Bezos’ exit came along with the shopping giant’s quarterly earnings report. Amazon, driven by the increased demand for online shopping due to the pandemic, was able to keep up with the significant expectations the Wall Street crowd has. Bezos says that his decision to step down will allow him to focus on outside projects. In a letter addressing Amazon employees, he added that being the CEO of the company is a deep responsibility and time-consuming. He said that by stepping down from the executive chair, he would have time and energy to work on other projects such as Blue Origin, The Washington Post, the Bezos Earth Fund, and the Day 1 Fund.

These are some of the many projects that Amazon has started or acquired in the past decade. Bezos has sounded quite ambitious about Blue Origin in recent years, which will compete with SpaceX, and the ex-Amazon CEO will have sufficient time to dedicate to the project. Of course, Bezos may have plans to start a few other projects in sectors that we do not know Amazon’s interests lie. Considering that Bezos managed to create a multi-faceted empire from a company that started its journey by selling books, we cannot really predict the tech billionaire has in his mind. In the letter, Bezos also said that Andy Jassy will be an outstanding leader for the company and that he is really confident about Jassy.

Andy Jassy has been a part of Amazon’s leadership team for quite a few years now. He’s also one of the early professionals who has seen the tremendous growth of the company. More importantly, Jassy is currently the head of Amazon Web Services, contributing a huge amount of revenue to the company. The fact that he is up for the CEO position would also indicate where Amazon wants to focus in the coming years. In light of the fact that the cloud computing industry has seen the rise of many companies, AWS needs top-level supervision to stay on top of the game. We still do not know the exact date of Bezos stepping down from the executive chair, but it will be later this year. It means he will be taking the most critical decisions regarding the Amazon empire for at least the next couple of months.

Kevin Nevarez

Kevin spent six years of his work life as a business executive before joining our company. He is best at writing articles based on the Business sector. In short, Kevin is a go-to guy when it comes to ongoing and latest happenings in the business world. He even covers sub-categories of the field like energy, share market, the global automobile market, and much more.

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