Amazon founder Jeff Bezos has officially stepped down from his role as CEO of the e-commerce giant. He is being replaced by the company’s former web services CEO Andy Jassy.
Bezos will hold the new title of Executive Chair. The move was made just weeks before Bezos travels into space with his brother, Mark Bezos. Bezos has been the CEO ever since he founded the company in 1994.
The announcement that Jassy would be taking over for Bezos was previously announced at a shareholder’s meeting in July.
Andy Jassy, who has run Amazon Web Services since 2003 and was named the CEO of web services in 2017.
Amazon was one of the few big tech companies to survive the bursting of the tech bubble back in the 1990s.
It has been the base of Bezos’s fortune which has made him the richest man in the world before being overtaken by Elon Musk.
From Breitbart News
Amazon dominates the online commerce sector in the United States and parts of Europe and has served as the backbone of much of the modern web thanks to Amazon Web Services. Bezos’ successor, Andy Jassy, joined Amazon after graduating from Harvard Business School in 1997 and has led AWS since the team was founded in 2003.
Jassy was named the CEO of Amazon Web Services in 2016. At the end of 2020, AWS controlled around a third of the total cloud computing market, according to Synergy Research. Jassy’s route is similar to that of the current Microsoft CEO Satya Nadella, who previously ran Microsoft’s Azure cloud business.
Although Bezos is stepping down as CEO, he likely will not be removing himself from the public eye completely. He will be stating on as Amazon’s executive chair, where he’s said he will “stay engaged in important Amazon initiatives,” and also plans to dedicate more time and energy to other initiatives such as the Day One Fund and Bezos Earth Fund foundations, the Washington Post, and his Blue Origin space company.
Bezos will be flying out just on the edge of space. that makes one wonder if Jassy’s appointment was made just in case something goes wrong.
It would prevent the crashing of Amazon’s stock.