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Amazon CEO, Jeff Bezos steps down after 27 years.

Amazon CEO, Jeff Bezos is stepping down and will transition, from the third quarter, into the role of executive chair. Andy Jassy, who is the current CEO of AWS (Amazon Web Services) will replace Bezos as the new CEO. In an email that was sent to Amazon employees, who are referred to as Amazonians, Bezos said that he will be focusing his energy and attention on new products and early initiatives. He aims to also focus more time on his other business ventures.

Andy Jassy
Current CEO of AWS will take over as Amazon CEO

“As exec chair, I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring”. Bezos said.

Some interesting Facts

Jeff Bezos founded Amazon in 1994 in his garage, after working at the hedge fund, D. E Shaw. Before he started Amazon in that same year, Bezos found out that the web had grown by 2.300%, an article by the Business Insider reported.

Jeff Bezos
After 27 years, Jeff Bezos will step down later this year as Amazon CEO

He decided he wanted to take advantage of that and Amazon was founded. At the time he was selling books and the company grew into the massive e-commerce corporation it is now. Amazon has been reported to have a market value of $1.56 trillion, (approx. R23.3 trillion) and employs 1.3 million people.

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