Amazon CEO Jeff Bezos to step down from his position on July 5, 2021. He made the stepping down announcement back in February itself but did not specify the date. And now he has finally announced when he is exactly doing so.
Jeff Bezos to Step Down from his Position on July 5
Jeff Bezos is finally stepping down as the CEO of the company he founded three decades ago. He has finally picked a date to do so. He founded Amazon as an online book store. It was initially started that way. And from there to the biggest online shopping behemoth, it is all Bezos’ sweat and blood. He revealed on Wednesday that he is stepping down from the CEO position. Andy Jassy will take over as the company’s CEO.
He will serve as the Executive Chairman of Amazon
The date July 5 is very special for Jeff Bezos. He said that he has chosen that day because it is very sentimental for him. It is the day when Amazon has incorporated exactly 27 years ago in 1994. Jeff Bezos has very selectively chosen a perfect day. However, he hasn’t specified the reason behind his stepping down. It is not yet clear why exactly is he giving up the CEO position. Although, he has announced that he will still remain involved in the company. He will serve as the Executive chairman and take all major decisions. Bezos said that he is ready to focus his energy and attention on new products.
Who is Andy Jassy, the Replacing CEO?
Andy Jassy, the replacing CEO currently runs the company’s cloud-computing business. Presently, he is the CEO of Amazon Web Services. Jassy has worked in Amazon with Jeff Bezos since 1997. He has a very old connection with Bezos and Amazon. Jassy launched the AWS cloud-computing division 18 years ago. It is now Amazon’s most profitable segment. Jassy will probably prove a good CEO. He is Bezos’ trustworthy man.
Jeff Bezos to Focus on Other Amazon Ventures
Besides Amazon, founder Jeff Bezos will focus on his other ventures. Bezos, 57, with a $167 million personal fortune has various other businesses besides Amazon. He will focus on his newspaper, The Washington Post. Significantly, Bezos will also focus on Blue Origin, his space company. Amazon will also buy storied Hollywood Studio MGM for $8.45 billion. They are planning to fill their video streaming service with more shows and movies.