Amazon Founder Jeff Bezos to step down as CEO

Amazon Founder, Jeff Bezos will leave his post as a founder, later this year in 2021, according to an announcement on Tuesday. Andy Jassy who is company’s top cloud executive, will replace Jeff Bezos. Jassy joined amazon in 1997 and led Amazon’s Web Services since then. Bezos said that he will be a part of important Amazon projects but will also have more time to focus on his Blue Origin Spaceship company, Bezos Earth Fund, The Washington Post and Amazon Day1 Fund. He will be an executive chairman of Amazon’s Board. Bezos founded Amazon in 1994 with an online bookstore and now turned into a mega-retailer with global reach of different categories from gadgets to groceries to streaming. Amazon crossed $1 trillion market cap under the leadership of Bezos in January 2020, it is now more than $1.6 trillion.Bezos shaped the Amazon Company for more than two decades now. He is one of the world’s most influential business leaders today. Amazon is now stabilized and its growth surged as more and more people have turn to digital marketing. Brian Olsvasky, Amazon’s Finance Chief, said that Amazon would continue to spend more on clouds computing infrastructure, and expand its logistics operations. Jeff Bezos will remain the biggest shareholder of Amazon with 10.6% of the company, according to the records and board of directors. ‘His step down as chief executive was a personal decision for him’, added Olsavsky.Amazon’s rise made Bezos second-richest person in the world. Andy Jassy has been a trusted lieutenant to Bezos, who also took on different roles as the company expanded. In early 2000s, Jassy became Bezos’ shadow, accompanying him everywhere from meetings to business trips. He grew into an engine of innovation and profit for the Amazon Company and is determined to continue it.