Jeff Bezos, Amazon Co-founder, and CEO will step down as the (CEO) Chief Executive Officer of the e-commerce firm on July 5.
Bezos addressed a letter to his representatives in February notifying them regarding his choice to step down as the CEO. He will promptly take over as the executive chairman of the Amazon company in this year, 2021.
Jeff Bezos will be succeeded by Amazon’s cloud division Amazon Web Services (AWS) Andy Jassy. So Andy Jassy is the new CEO of Amazon e-commerce firm.
Interestingly, Amazon was organized in July 1994, and Bezos will be formally moving down on the corresponding date. He had stated that the timing is unrealistic, but he is eager to find a different role.
Bezos has been connected with Amazon for over three decades now and was designated the world’s richest man in September 2020.
His net worth had passed $202 billion after an advance of $5.22 billion on a particular day. Bezos was following replaced by Elon Musk as the richest man in the world.
Jeff Bezos stated that being the CEO of Amazon is a significant liability, and consequently, it is consuming. As an Executive Chair, he will be included in determining Amazon drives but will get time to direct other significant actions, including Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and added.
Bezos will be followed by Jassy, who has lived in Amazon for more than 25 years. Jassy, who currently manages one of the most significant movements in Amazon, entered the company in 1997 right after performing his graduation.
Jassy caused Amazon’s AWS, Amazon’s cloud assistance platform, in 2006. The company presents on-demand cloud computing platforms and APIs to people, companies, and governments.
The service goes up next to Microsoft Corp’s Azure and Alphabet Inc’s Google Cloud. The first earnings report found that AWS raked in $12.7 billion in deals in the fourth division.