Sci-tech

Article image Jeff Bezos stepping down as CEO of Amazon

Article image Jeff Bezos stepping down as CEO of Amazon”

Bezos will move to his new role within the company in Q3 2021.

Jeff Bezos, the founder and Chief Executive of Amazon.com, Inc., is to step down and transition to the role of Executive Chair later this year. I've never had more energy, and this isn't about retiring.

"Amazon is what it is because of invention", Mr. Bezos said of the quarter.

"Amazon's size makes some industries uncomfortable, some governments uncomfortable, and Andy Jassy will have to deal with the consequences", Anderson said.

More news: Nike Is Releasing 'Hands-Free' Shoes This Month

In a letter to employees, Bezos says he will be replaced in the fall by Andy Jassy, who runs Amazon's cloud-computing business. He's worth roughly $188 billion making him the second richest person in the world, just behind Elon Musk ($190 billion), according to Bloomberg Billionaires Index. The company also offers streaming services through Prime Video, Amazon Music, Twitch and Audible.

Though he'll leave the top position at the company he founded 27 years ago, Bezos said in a statement that he'll still focus on other projects he owns, like the Day 1 and Bezos Earth Funds, Blue Origin, and The Washington Post. Bezos quickly determined that an online bookstore would resonate with consumers. For the full year 2020, Amazon reported a net income of $21.3 billion on revenues of $386.1 billion, an also-incredible 38 percent gain YOY. The Seattle-based company has a market capitalization of almost $1.7 trillion. Musk recently leapfrogged Bezos amid a surge in Tesla's share price.

A lot has changed in Bezos' personal life since divorcing his wife in 2019 and going public with his relationship with former Fox news presenter Lauren Sanchez. Costs related to COVID-19, which include lost productivity due to social distancing as well as stepped up cleaning throughout its warehouses and shipping centers, will add US$2 billion to expenses in the current quarter, Amazon said.

Bezos' riches have also swelled: His stake in Amazon is now worth about $180 billion.



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