Jeff Bezos to step down as Amazon CEO in Q3, Andy Jassy to take over
Jeff Bezos founded Amazon as an online bookstore in 1995 but soon it became a pioneer of fast and free shipping for almost all products ranging from electronics to diapers.
Amazon announced on February 2, 2021 that founder Jeff Bezos will step down as CEO of the company during the third quarter of 2021.
Bezos will transition to the role of Executive Chair of Amazon's board, while Amazon Web Services CEO Andy Jassy will succeed him as the new Amazon CEO in Q3.
In an email to the Amazon employees, Jeff Bezons said that as Executive Chair he will stay engaged in new Amazon products and early initiatives but also have the time and energy needed to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and his other passions. He assured that this isn't about retirement.
Speaking on his successor, Bezos said that Andy is well known inside the company and has been at Amazon almost as long as he has. He further gave his full support to Andy Jassy and expressed confidence that he will be an outstanding leader.
Jeff Bezos: 7 Interesting Facts To Know About Him
1. Jeff Bezos is the founder and Chief Executive Officer of Amazon. He is currently the second-richest person in the world, after Elon Musk.
2. Jeff Bezos founded Amazon as an online bookstore in 1995 but soon it became a pioneer of fast and free shipping for almost all products ranging from electronics to diapers.
3. Bezos was intrigued by computers as a child and was interested in building things. He got a degree in electrical engineering and computer science at Princeton University and then worked at several Wall Street companies.
4. He later decided to quit his job to start an online retail business though at first, he wasn’t sure what to sell. He quickly decided to open an online bookstore, as he felt it would resonate with the consumers.
5. Bezos wrote up the business plan for what would become Amazon.com while sitting in his car and he convinced his parents and some friends to invest in the idea. Amazon finally began operating on July 16, 1995 out of the Bezos’ Seattle garage.
6. Under Bezos' leadership, Amazon launched the first e-reader that gained mass acceptance and its Echo listening device made voice assistants popular.
7. Bezos was named the "richest man in modern history" after his net worth increased to USD150 billion in July 2018. In August 2020, Bezos became the first person in history to have a net worth exceeding $200 billion, according to Forbes data.
Amazon currently employs around 1.3 million talented and dedicated people across the world and serves hundreds of millions of customers and businesses and is widely recognized as one of the most successful companies in the world.
The online marketplace now sells a wide range of products, producing movies, manufactures furniture and operates a grocery chain. The company is considered as one of the most valuable in the world, worth nearly $1.7 trillion.
During the COVID-19 pandemic, Amazon was one of the few online retailers to benefit as people shopped from their homes.
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