Amazon founder Jeff Bezos, 57, stepped down as its CEO on 5 July 2021. Amazon Web Services (AWS) head Andy Jassy replaced Bezos, a change that the company announced in February this year.
Bezos, however, will not be entirely off Amazon's files and will continue to remain the company's largest shareholder and serve as the executive chairman of the e-commerce behemoth.
Instead of indulging in day-to-day activities of the company, he plans to focus on new products and initiatives such as Day 1 Fund, the Bezos Earth Fund, Blue Origin, among others.
According to Bezos, July 5 is a sentimental date for him as on this day, 27 years ago, he founded Amazon in a garage in West Bellevue, Washington, United States.
On 2 February 2021, Amazon announced that Jeff Bezos will step down as the CEO of the company during the third quarter of 2021.
Future of World's Richest Person
"I intend to focus my energies and attention on new products and early initiatives … I am super passionate about the impact I think these organisations can have," Jeff Bezos on taking up a new role in the company.
On 20 July 2021, Jeff Bezos along with his brother Mark will fly past the Karman line, the internationally recognized boundary of space, aboard New Shephard.
It is to be noted that New Shephard is a rocket system developed by Jeff Bezos's space company Blue Origin. The company is working to lower the cost and increase the safety of spaceflight.
In 2013, Bezos bought the Washington Post for $250 million. He is expected to continue expanding the media business.
Bezos, who eschewed 'The Giving Pledge' founded by Bill Gates and Warren Buffet, has launched two philanthropic organizations to support activists, charities and scientists working on the climate crisis. In 2018, he also donated $2 billion in 2018 to the Bezos Day One Fund to address homelessness and improve education for children in low-income families.
Explained: What is the New Shephard rocket system by Blue Origin?
World's Largest Online Retailer
Jeff Bezos founded Amazon as an online bookstore on 5 July 1995 which snowballed into the world's largest online retailer. It is also highly diversified into delivery, entertainment, groceries, streaming content and more.
The company's market capitalization has reached $17 trillion from cloud computing, grocery, artificial intelligence, streaming media business. Due to the growth of e-commerce giant, the personal wealth of Jeff Bezos reached $200 billion and he continues to top the list of the world's richest businessmen even after giving a share to his ex-wife Mackenzie Scott.
In an interview, the richest person in the world revealed that he packaged orders and delivered them to post offices himself when he started Amazon.
How Amazon's Jeff Bezos added a record $13 billion in a single day?
About Andy Jassy
After completing his MBA from Harvard Business School, Andy Jassy joined Amazon in 1997 and has since then held various leadership roles in the conglomerate, including both business-to-business and business-to-consumer. He later founded and headed Amazon Web Services (AWS). AWS, the cloud arm of Amazon, logged a 32% year-over-year growth in the March quarter this year.
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