Jeff Bezos Steps Down as Amazon CEO
Updated: Feb 11, 2021
Announced last Tuesday, Jeff Bezos plans to step down as Amazon’s CEO. This news comes as a surprise to many as Amazon had its highest performing year in history. As Bezos steps down, the company’s top cloud executive Andy Jassy will fill in as CEO.
Bezos founded Amazon in 1994 and has now become a household name across the world. Amazon has become a mega-retailer with several market branches. From groceries to online shopping and movie streaming, Amazon has all the bases covered. Under the leadership of Bezos, Amazon surpassed a $1 trillion market cap and is now worth more than $1.6 trillion.
Claims made by Bezos state that he plans to, “Focus [his] energy and attention on new products and early initiatives." The Bezos Earth Fund is a newly announced initiative that aims to combat climate change by issuing grants to scientists and other organizations who have hopes of saving the natural world.
Andy Jassy will make his transition from CEO of Amazon Web Services to CEO of Amazon, yet Bezos will still be very involved in executive actions. Bezos is not leaving Amazon entirely, rather he is stepping down to Executive Chairman where he will still have his fingerprints on many different parts of the company.
It is expected that Jassy will continue the strong leadership that drives Amazon’s profitability based on his success with Amazon Web Services. Following the announcement of Bezos stepping down, other C-Suite executives also announce that they will be handing off their positions. CNN President Jeff Zucker and Merck CEO Kenneth Frazier will be stepping down from their well-respected roles as well.