Jeff Bezos has announced that he will be stepping down from the role of CEO, Amazon, and would be replaced by AWS’s boss, Andy Jassy.
Amazon was founded by Bezos in 1994 and has positioned itself as the e-commerce giant.
The company’s market capitalisation under Bezos rose to over $ 1 trillion. It is worth over $1.6 trillion today.
During trading on Tuesday, Amazon’s share saw a spike of 1 percent.
Sharing his news in a letter to Amazon’s employees, Bezos said, “I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO.
“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.
“Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else.”
Bezos’ replacement, Jassy led Amazon’s subsidiary, Amazon Web Services (AWS), to success, as the company saw revenue growth of 28 percent in the quarter.
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AWS has seen an impressive growth regarding its operating income, from $2.60 billion in 2019 fourth quarter, to $3.56 billion in the most recent quarter.
Jeff Bezos and the Business of Amazon
Amazon, in 1994, was merely an online bookstore that survived the dot-com bubble of the early 00s.
The company went on to become one of the largest employers in the United States.
Alongside the news of his stepping aside, Amazon posted its first $100 billion quarter mark, with a total of $125.6 billion in revenue against the projection of $119.7 billion.
On Tuesday, the company recorded a 38 percent increase in net sales from the year 2019, generating a total of $21 billion in income.
Bezos’ Net Worth
Having held the spot of the richest man in the world for a while, he was knocked off by Elon Musk, a fellow tech innovator.
Bezos is currently worth $185.7 billion, with his 11.1 percent stake in Amazon.
