Business

Jeff Bezos to Step Down as Amazon CEO

Jeff Bezos
Seattle City Council from Seattle, CC BY 2.0, via Wikimedia Commons

After retaining the position as the Richest Man on Earth, Jeff Bezos has released the information that he wishes to step down as the CEO of Amazon. He was the Founder of the E-commerce giant that was established over 30 years ago and remains to be the leading platform for online purchases across the world. 


Amazon, Inc has announced that the Founder will be stepping down from the CEO position and taking up an ‘Executive’ role. The company recently celebrated its record profits of 100 billion. After Jeff’s step down, Andy Jassy - Amazon’s current Cloud Computing Chief will be taking up the role of the new CEO. He is the Founder of Amazon Web Services (AWS) and has been working with them since 1997. He has an MBA from Harvard Business School. 


Talking about the stepdown, Jeff Bezos said that he was in no mood of retiring and the decision was taken so that he can concentrate on new ventures. He stated that he has several new ideas and this decision will let him channel his energies in the right direction and give enough time to work on his other plans for the company. He continued to state that Andy has been a very good asset for Amazon so far, has been associated with the Brand for quite a while and knows everything about the company. He felt that he was giving the responsibility to the right person.


Because of the pandemic, people have turned to online shopping and this has proved to be an asset for Amazon. The e-commerce site also attracted a lot of traffic during the holiday season and this reflected well on their record profits of 100 billion for the first time. The master move was to extend Amazon’s infamous Prime Day from July to October - so that gave an open window for the Holiday shoppers to bag more products from the platform. Jassy has been a master mind behind the AWS that boosted the company’s revenue by several folds. It is to be seen how the intellect’s influence in the core areas can transform the game for Amazon. 


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