The founder of Amazon, Jeff Bezos, is ready to step down as its chief executive. The eCommerce giant was found by Mr Bezos, around 30 years ago in his garage.
Jeff will become the executive chairman; this move of his will give him time and energy to focus on his other investments.
Andy Jassy would lead the business position after the world’s richest man Mr Bezos of Amazon. Andy is currently conducting Amazon’s cloud computing business.
This significant change is expected to happen in the second half of the year 2021.
In a letter to the Amazon staffs on Tuesday, Jeff Bezos stated that being the CEO of Amazon is a profound responsibility; moreover, it is consuming. Also, he said that it is hard to concentrate on anything else when you have such a massive burden on your shoulders.
He further added that as executive chairman, he would not only be engaged in amazon’s important initiative but also be able to manage time and energy for his other passions. He wants to focus more on his Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and his other more desires.
Also, he said I have never had more energy, that it is not about retiring. It’s just he is super passionate over the impact he thinks these organisations can make.
Amazon’s success through Biden
Mr Jeff Bezos has led the company since 1994 when he started Amazon as an online bookstore. The firm now, on a global level, employs around 1.3 million people. Additionally, Amazon pretty much deals in everything from package delivery and streaming videos to cloud services and advertising. According to the billionaire list of Forbes magazine, Mr Bezos has an estimated accumulated fortune of around $196.2 billion.
It saw its earlier explosive growth catapult in the last year when the pandemic hit on a global level, with a flood in online shopping.
The firm reported a total sales of around $386 billion (£283 billion) in the year 2020. This amount was an up of 38 per cent from the previous year, 2019, making the profit almost double the amount, to nearly $21.3 billion.
While declaring the plans, Mr Bezos said that he would proceed to concentrate on new products and early initiatives.
He stated that when we look at the financial results, what we see is a long-run cumulative result of invention. Also, right now, he sees Amazon at its most inventive ever state, making it an optimal for its transition.
The shakeup appears as Jeff Bezos has taken on a frequently public profile.
Mr Bezos has faced a public divorce, grown as a victim for labour and inequality activist. Moreover, he invested his wealth into other business ventures such as space exploration firm Blue Origin.