Jeff Bezos steps down as CEO of Amazon

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Jeff Bezos steps down as CEO of Amazon

Jeff Bezos steps down as Amazon CEO.  Andy Jassy, the current CEO of Amazon Web Services, will take over as the company’s new CEO.

On Tuesday, Jeff Bezos announced his resignation as CEO of Amazon, which he founded 27 years ago. Power will be transferred in the third quarter of this year, beginning July 1st.

In a memo to employees, Jeff stated that the transition will allow him to devote more time and energy to the Day1 fund, the Bezos Earth fund, The Washington Post, and many of his other interesting in his free time now.

I’m not aware of another company with a track record of invention as strong as Amazon’s, and I believe we’re at our most inventive right now. I hope you are as proud of our inventiveness as I am. I think you should be.

Jeff Bezos is stepping down as Amazon’s market value approaches $1.7 trillion, making it unquestionably the most valuable company in the world in his life. Amazon reported a year of record growth on Tuesday, including a 38 percent increase in net sales from 2019, resulting in $21 billion in income, nearly double the same time last year. The news appears to have had little effect on investors. Following the announcement, Amazon’s stock price increased by about 1.5 percent.

Bill Gates has previously stepped down from the role of CEO, but his involvement in the company’s decision was minimal. It will be fascinating to see how active Jeff Bezos remains when he is not in office.

I’m thrilled to announce that in the third quarter, I’ll step down as Executive Chair of the Amazon Board and Andy Jassy will take over as CEO. As Exec Chair, I intend to concentrate my efforts and attention on new products and early initiatives. Andy is well-known within the company and has been with Amazon for nearly as long as I have. He will be an outstanding leader, and I have complete faith in him. In a memo, Jeff Bezos says

Jeff also plans to focus on philanthropic efforts including the Bezos Fund, and Day 1 Fund. These initiatives are aimed at assisting homeless families and assisting low-income children in getting to school. Jeff is also passionate about climate change.

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