Amazon CEO Jeff Bezos is all set to step down from the post. According to an announcement made by the company, Bezos will serve as executive chairman after leaving the chair of CEO. Bezos will quit later this year as CEO. He is holding the chair for nearly 27 years. Bezos is also the founder of Amazon. He founded Amazon as an online bookstore and later built it into a shopping and entertainment behemoth. He will be succeeded by Andy Jassy. He is currently the CEO of Amazon Web Series. Bezos said that he will work on more side projects as an executive chairman. He wants to focus on new products and take forward the initiatives being developed by the company.
Bezos said that handing over the reins will allow him more time to focus on other products and his philanthropic activities. Bezos is Amazon’s biggest shareholder. He will, therefore, have a broad influence over the company. He also owns the aerospace company Blue Origin. The space exploration firm is bidding for developing a moon lander vehicle for NASA. He also owns The Washington Post and wants to focus more on the product. He said that Amazon’s journey began at a time when setting up a company was just an idea. Amazon today employs 1.3 million people and serves hundreds of millions of people in the world. It is counted among the world’s most successful companies.
Jassy is a well-known personality inside the company. He joined Amazon in 1997. Bezos said that Jassy enjoys his full confidence and called him an outstanding leader. The 57-year-old said that he is excited about the transition and the new role as he highlighted that millions of people today depend on the company to meet their requirements. He also underlined that as Amazon’s business grew in the last 25 years, he decided to use its scale and scope in leading key social issues as well. Meanwhile, the company’s net income increased in the fourth quarter to USD 7.2 billion. This is USD 3.9 billion more than the company’s net income in the corresponding period a year ago.