Jeff Bezos stepping down as Amazon’s CEO, will become executive chairman

Jeff Bezos

Amazon CEO Jeff Bezos speaks at the the Amazon re:MARS convention Thursday

Amazon CEO Jeff Bezos speaks via video conference during a House Judiciary subcommittee hearing on antitrust on Capitol Hill on July 29.

Amazon won't completely lose the Bezos effect, of course, as he plans to stay on as executive chair. I've never had more energy, and this isn't about retiring. "I'm super passionate about the impact I think these organisations can have", he said.

Jassy now heads Amazon Web Services.

Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon's cloud-computing business.

Amazon in 2020 plowed much of its profits into meeting pandemic-juiced demand, spending $4 billion on COVID-19 measures in the fourth quarter alone, including to hire 170,000 new employees to work during the frenetic holiday shopping season. That $13.5 billion accounted for more than half of Amazon's $21.3 billion in total profits in 2020. The company also offers streaming services through Prime Video, Amazon Music, Twitch and Audible. He soon expanded into selling everything from electronics to apparel, building Amazon into one of the largest and most valuable companies in the world.

"In fact, arguably Amazon's most comparable peer, Alibaba, saw its CEO and founder, Jack Ma, become Executive Chairman years ago". The online megastore sells and delivers a wide variety of products across the world, and Bezos has been the lead driving force behind it for nearly three decades.

In 2006, Jassy founded Amazon's AWS, Amazon's cloud service platform used by millions of businesses across the world. The Tesla and SpaceX entrepreneur was pushed into the no. 1 slot after Tesla's share price increased in January. It also pushed Mr. Bezos' personal wealth to new heights.

Bezos' riches have also swelled: His stake in Amazon is now worth about $180 billion. Scott received a stake in Amazon after the divorce worth almost $40 billion at the time.

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