Jeff Bezos Is No longer CEO
Amazon founder Jeff Bezos will venture down from his role as CEO later this year and transition into the role of chief executive chair. Bezos informed his organization that he wants to focus on projects he is passionate about such as The Washington Post, Earth fund, Blue Origin, and much more. He will hand over the reigns over to Andy Jassy.
Who is Andy Jassy? (The new CEO of Amazon) Andy Jassy joined Amazon in 1997 and founded the cloud services sector of the company, which began as a small addition to its e-commerce activities. It has expanded to account for around 60 percent of operating profit in recent years and has become one of the pioneers of the cloud computing industry.
In 1994, Bezos left his work at D.E. Shaw began an online retail company, although he wasn’t sure what to offer at first. Bezos rapidly determined that customers would resonate with an online bookstore. He and his ex-wife, MacKenzie Scott, whom he met at D.E., set out on a venture trip to Seattle, a city known for tech innovators and in Oregon a state known for its major book distribution.
In one of the most successful entrepreneurial runs in American history, the move is a significant turning point. Bezos founded Amazon in 1994 as a digital bookstore. The company survived the dot com era in the early 2000s and built the business into one of the largest U.S. employers in the world. Bezos is one of the richest people in the world, having recently been edged by Tesla CEO Elon Musk out of the top spot.
On Tuesday, Amazon, CFO Brian Olsavsky, informed his investors that Jeff Bezos is not leaving Amazon “He will be executive chairman and still has a powerful role in the organization’s decision-making process.”
At a time when the market cap hovers around $1.7 trillion, Bezos is moving away from Amazon, making it one of the world’s most profitable businesses.
Amazon was the grandfather of quick, free delivery, founded in 1995, which won over the hearts of millions of shoppers who bought clothes, TVs, and just about everything else on the world wide web. Amazon also released the first e-reader that gained huge popularity under Bezos, and its Echo listening technology made voice assistants a familiar sight in the comfort of our homes.
After the advent of the coronavirus pandemic, customers have gradually turned to Amazon to deliver home staples and medical supplies. Brick-and-mortar stores closed their doors; instead, Amazon, the world’s largest online retailer, reported successive record profits.
Amazon had another record holiday with its warehouses open, smashing expectations for online store revenue, subscription sales, third-party service sales such as warehousing and other retailer sales on its website.
He wrote a memo to his team, which is not a letter of farewell, but a memo of hope and inspiration “I don’t know of another company with an invention track record as good as Amazon’s, and I believe we are right now at our most inventive. I hope that you are as proud as I am of our inventiveness. I think that you need to be.”