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27 Years After He Founded The Company, Jeff Bezos Has Stepped Down As Amazon CEO

Jeff Bezos Resigned As The CEO Of Amazon

The richest man in the world, Jeff Bezos, worth about $203 billion, recorded a daily profit of about $4.02 billion, has officially resigned his position as the CEO of Amazon, 27 years after he founded the company, the world’s largest e-commerce company.

His close confidante and former CEO of Amazon Web Services, Andy Jassy, ​​is expected to become the new President and CEO of the $1.77 trillion valued company.

The new CEO has been an instrumental figure at the Seattle-based company managing the cloud-computing business division that powers leading web portals like Netflix and many other companies, making it one of Amazon’s most profitable sectors.

However, Bezos will keep the CEO of the e-commerce colossus he founded about three decades ago. The tech billionaire’s money in the bank is estimated to be worth $13.4 billion, with most of his fortune tied to his stake in the world’s largest online retailer.

Popularly known for its online bookstore, Amazon has also grown into an online shopping juggernaut with an entertainment empire in its midst. No wonder it is the second-largest private employer in the United States after Walmart with an American workforce of over 800,000 employees.

Bezos, who is Amazon’s largest shareholder with an estimated stake of around $180 billion, will dedicate his time to Blue Origin, the space flight company he founded. The billionaire also owns The Washington Post, a leading American newspaper company.

Bezos’ current net valuation can buy 113 million troy ounces of gold or 2.61 billion barrels of crude oil.

Recall that earlier this year, Bezos announced his decision to step down so he can focus on initiatives like his plans for private space travel.

Bezos said in the official announcement ;

“This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, ‘What’s the internet?’ Blessedly, I haven’t had to explain that in a long while”

“Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”

Mr. Bezos said he would “stay engaged in important Amazon initiatives” but also concentrate on projects away from the day-to-day running of the business in his new position.

He said the move would give him the “time and energy” needed to “focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post” and his “other passions”.

Mr. Bezos said that he had “full confidence” in his replacement, Mr. Jassy.

“Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence,” he said.

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