Jeff Bezos Steps Down as Amazon CEO Andy Jassy Tip as New President/CEO
Jeff Bezos, the world’s richest person, has officially stepped down as the chief executive officer (CEO) of Amazon, a global online shopping platform.
Jeff Bezos had announced in February that he would step down in the third quarter of this year, adding that he will focus his energies and attention on new products and early initiatives.
Meanwhile, Jeff Bezos, who founded Amazon on July 5, 2021 (27 years ago), is now the executive chair on the retail firm’s board.
He expanded the firm’s operations from an online bookstore to e-commerce, artificial intelligence, cloud computing, and digital streaming.
According to Bloomberg Billionaires Index, Bezos’ net worth stands at $203 billion, while Amazon’s market value is $1.77 trillion, making it one of the most valuable companies in the world.
The billionaire says he will devote his time to Blue Origin, his private spaceflight company, scheduled to launch next month, The Washington Post, the newspaper he owns, Day One Fund, and Bezos Earth Fund foundations.
Bezos had parted ways with MacKenzie Scott in 2019, agreeing to a record-setting sum of $35 billion as the settlement.
Meanwhile, Mr. Bezos’ close confidant and former CEO of Amazon Web Services, Andy Jassy is expected to take over as 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.
Bezos will, however, retain the executive chair of the e-commerce colossus he founded about three decades ago. The tech billionaire’s cash at the bank is estimated to be worth $13.4 billion with most of his wealth tied to his stake in the world’s biggest online retailer.