Jeff Bezos Steps Down as Amazon CEO, to Become Executive Chairman

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Jeff Bezos steps down

Jeff Bezos steps down as the CEO of Amazon and takes the world by shock. He announced the change of position in the company on Tuesday. The former ‘richest man in the world’ will transition into the executive chairman for Amazon by the upcoming fiscal quarter. However, the company did not give any other details about the exact date of the change.

The next Amazon CEO will be Andy Jassy. He is currently the CEO of the company’s cloud computing department. Andy started working in the Amazon in 1997.

Jeff Bezos steps down as CEO

Jeff Bezos talked about touting Amazon’s innovation being one of the reasons for his exit as CEO. Bezos said that the company has had reached heights due to invention. He said that the company gets “crazy” things done through teamwork and normalize those actions. The man also talked about mastering customer reviews, 1-Click, Prime’s quick growth, Just Walk Out shopping, personalized recommendations, Alexa, Kindle, cloud computing, the marketplace, Career Choice, etc.

Bezos said that when a company invents something sellable, it becomes normal within a few years. He then quotes, “people yawn,” and said that “yawn” is the biggest compliment an inventor can get. Thereafter, when an inventor sees their financial results, they realize that the long-run results accumulated due to inventions.

According to Bezos, Amazon is optimal in terms of invention, and it is a good time for transition. When Amazon reported Bezos’ exit as CEO, they mentioned his fourth-quarter earnings. The company generated $386.1 billion worth of revenue in 2020. The coronavirus pandemic was one of the driving factors to shoot up sales by 38% to what it was during 2019.

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Bezos is currently the second richest man in the world, and his personal net worth is $196.5 billion, as per Forbes. Apart from Amazon, he is also the founder of Blue Origin, a space exploration company.

Glorious journey of Bezos

Jeff Bezos was an executive of D.E. Shaw, which is a firm for technology and investment. He founded Amazon in the year 1994 while understanding the exponential growth of the internet.

The man started exploring ways to do businesses that focused on digital growth and capitalized on such trends. In an interview with Time Magazine in 1999, Bezos quotes, “it was a wake-up call” – that is how he explored the business opportunity online.

Jeff Bezos shifted to Seattle and launched his first website for Amazon in 1995. Initially, the website worked like a digital book of marketplaces but slowly expanded to other segments. By 1997, the website went public and started earning profits by 2003.

Under Jeff Bezos, the company acquired Whole Foods chain and smart home brand Ring. Amazon soon launched Prime, and subscribing to it gives members many perks like entertainment, one-day shipping, and more.

Jeff Bezos is the man behind Amazona, and he made the company what it is today. The company has a capital of $1.7 trillion, and Bezos remains the biggest individual shareholder.

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