Amazon founder Jeff Bezos stepping down as CEO

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Amazon founder and CEO is stepping down as the company’s leader.

Recently Jeff Bezos publicly announced that he will be stepping down as CEO of Amazon later in the year. The news was shocking, leaving many wondering what the future of Amazon will look like. Jeff Bezos still plans to be a part of the company but he will no longer be in his current position as CEO. 

Dylan Byers and Leticia Miranda of NBC News reported, “Bezos will transition to the role of executive chair in the third quarter of this year, which starts July 1, the company said. Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon.” Explaining Bezos’ decision, Byers and Miranda added, “In a memo to employees, Bezos said the transition will give him ‘the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.’” 

Jeff Bezos has had great success as the founder and CEO of Amazon. “The changing of the guard is set to ripple out beyond Amazon, which Mr. Bezos has personified for more than two decades,” wrote Karen Weise of The New York Times. “His impact on corporate America and his remaking of the way that goods are sold turned him into one of the world’s most influential technology and business leaders, as well known as the founders of Apple and Microsoft, Steve Jobs and Bill Gates. Mr. Bezos’ personal wealth also soared to $188 billion, which was surpassed only last month by Elon Musk.” 

Under Jeff Bezos’ leadership, Amazon has made billions of dollars, and many believe the company will still thrive in his absence. “Amazon market valuation surpassed $1 trillion for the first time last January, and its growth only continued to surge — now worth more than $1.6 trillion — as the coronavirus pandemic has forced more people to shop online,” wrote  Lisa Fickenscher of The New York Post. “Bezos’ announcement shocked Wall Street, but Amazon’s stock remained fairly stable, down less than 1 percent in after hours, as investors were reassured by the fact that he will remain involved.” 

Taylor Locke of CNBC News wrote about the beginning of Amazon and how Jeff Bezos got the company up and running, as well as Bezos’ mindset while building the company. “When Bezos was deciding whether to take a huge risk, quit his stable job at a hedge fund and start Amazon out of his garage, his then-employer and family members worried about his future – but, ‘I pictured myself 80 years old, thinking back on my life in a quiet moment of reflection,’ he said during a fireside chat in India in 2020. ‘I wanted not to have regrets. I knew for a fact, I have this idea, and if I don’t try, I’m going to regret having never tried.’” 

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