Jeff Bezos to step down as Amazon chief executive

Jeff Bezos to step down as Amazon chief executive
Amazon said the change will take place in the second half of 2021. Source: Reuters
2 Min Read

Daily US Times: Amazon founder Jeff Bezos is to step down as CEO of the e-commerce giant that he started in his garage nearly 30 years ago.

He will become executive chairman, a move he said would give him “time and energy” to focus on his other ventures.

Mr Bezos, who is the world’s richest man now, will be replaced by Andy Jassy, who currently leads Amazon’s cloud computing business.

Amazon said the change will take place in the second half of 2021.

On Tuesday, Mr Bezos said in a letter to Amazon staff : “Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else.”

“As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.”

His letter added: “I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.”

Mr Bezos has led Amazon since its start as an online bookshop in 1994. The firm now employs 1.3 million people worldwide and has its hand in everything from package delivery and streaming video to cloud services and advertising. According to Forbes’ list of billionaires, he’s amassed a fortune of $196.2bn.

Amazon saw its already explosive growth skyrocket last year, as the pandemic prompted a surge in online shopping.

The firm reported $386bn in sales in 2020, up 38% from 2019 as profits almost doubled, rising to $21.3bn.

In announcing the plans, Jeff Bezos said he would continue to focus on new products and early initiatives.

You may read: Biden meets Republican senators on virus aid, but no quick deal