Jeff Bezos, who is the founder and architect of global e-commerce giant Amazon, has decided to step down as the company's Chief Executive Officer later this year and prepares to put his focus on the siblings of Amazon and his philanthropic initiatives. Bezos is stepping down the role that he decorated for three decades and the announcement had combinedly shocked and surprised the globe, which is almost using the services of his business empire.
The company has on Tuesday announced that Bezos, who is the second richest man in the world after Elon Musk, will be stepping down from the role later this year and he will be replaced by Andy Jassy, who heads Amazon's web and cloud-computing business, which is one of the most profitable and revenue-generating corridors of Amazon.
In a blog post to employees, Jeff Bezos said, as his next, he has planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives, and overseeing The Washington Post, a reputed news agency which he owns. Speaking about Bezos's decision, Amazon's Chief Financial Officer Brian Olsavsky said that Jeff is really not going anywhere. It's more of a restructuring of who's doing what.
According to reports, Jeff Bezos has been one of the last founders of a bluechip company to still hold the post of the Chief Executive Officer. While Facebook is the one such company led by Mark Zuckerberg, who co-founded the social media platform, the founders of other global companies like Google, Microsoft, and Oracle had stepped down as the Chief Executive Officers. The successor of Jeff Bezos had now gained the global attention and expectation to steer the empire forward.
Andy Jassy, who is going to become the Chief Executive Officer of Amazon Inc, is a longtime Amazon Executive and he has been working in the company since 1997. Jassy heads Amazon's cloud-computing business and he made the unit the most profitable business of Amazon. Jeff Bezos, who is the company's biggest shareholder, will be serving as the Executive Chair of the Amazon board from the third quarter of this year, after stepping down as the Chief Executive Officer.
Jeff Bezos founded Amazon in 1994 as an online bookstore and his company had taken the biggest leap of revolutionizing the global e-commerce industry and the company had grown at a skyrocketing pace and Amazon had become the first company to launch an e-reader (Amazon Kindle) that earned a huge reception. It went on to become a conglomerate by stepping into the fields of e-commerce, streaming site, and entertainment arenas.
Amazon touched a new high during the COVID-19 outbreak and when most of the economies stumbled, Amazon laid down a remarkable footprint by emerging as the most profitable company as the lockdown confined people had relied on Amazon e-commerce to buy the essentials which gave the company a crucial push. On the day when Bezos announced that he is stepping down, Amazon reported that it had recorded a new high of profit in the last three months of 2020, and for the first time, the company had recorded the profit of 100 billion as its quarterly revenue.
After Amazon announced that Jeff Bezos is stepping down as the Chief Executive Officer, many expressed shock and wishes for his new stint of focusing on his space program Blue Origin and news agency The Washington Post. Chief Executive Officer of Alphabet and Google, Sundar Pichai took to Twitter and said, "Congrats Jeff Bezos, best wishes for Day 1 and Earth Fund. Congrats Andy Jassy on your new role".
Congrats @JeffBezos , best wishes for Day 1 and Earth fund. Congrats @ajassy on your new role!— Sundar Pichai (@sundarpichai) February 2, 2021