Jeff Bezos steps down as Amazon CEO, to focus on other things


Jeff Bezos steps down as Amazon CEO, to focus on other things: Amazon CEO Jeff Bezos has announced his retirement from his post and is making way for his successor Andy Jassy.

 

Bezos, 57, founded Amazon in 1994 and has since morphed the one-time online bookstore into a mega-retailer with global reach in a slew of different categories from gadgets to groceries to streaming. Amazon surpassed a $1 trillion market cap under Bezos’ leadership in January of last year - it’s now worth more than $1.6 trillion.

 

Jassy joined Amazon in 1997 and has led Amazon’s Web Services cloud team since its inception. AWS continues to drive much of Amazon’s profit.

 

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees. “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. 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.”The news came alongside an earnings report in which Amazon posted its first $100 billion quarter. AWS, under Jassy, reported 28% revenue growth for the fourth quarter. About 52% of Amazon’s operating income was attributed to AWS as of October 2020....Read More

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