Amazon CEO Jeff Bezos Stepping down from his position

Amazon CEO Jeff Bezos will step down from his position and take the role of executive chair later this year. Andy Jassy who  has worked for Amazon since 1997 and currently serves as CEO of the company’s cloud business and Amazon Web Services will replace him.

Bezos is the founder of the Multi-billion Company which commenced operation in 1997 as an online book seller. He saw the growth of the company to a 1.7 trillion multi-national business

“Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world. This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, ‘What’s the internet?’ “Jeff Bezos wrote in a letter on Tuesday.

Amidst the Covid 19 Pandemic, Amazon’s stock has grown nearly 69% over the past year.

Giving a reason for his stepping down, Bezos said that this decision will give him more time to work on outside projects. As an executive chair, he plans to focus on “new products and new initiatives”.

“Jassy will be an outstanding leader, and he has my full confidence.” He added.

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