Jeff Bezos, the founder, and CEO of one of the most widely used online shopping companies, Amazon, will step down. The e-commerce giant was started by him more than 29 years ago. And that too, in the garage of his house.
It is said that Jeff Bezos will take the place of the company’s executive chairman instead. According to reports, there is a decent reason behind this move of his. Giving up on the post of the chief executive officer will give him “time and energy”. It is reported that he will be investing that in some other projects.
Jeff Bezos As The Executive Chairman
The amount of assets that Jeff Bezos owns currently is almost 200 billion USD. He will be replaced by the person who is currently in a whole other department of Amazon. He is Andy Jassy. Jassy is the leader of the business of cloud computing of the company. The replacement is to take place in the latter half of the year 2021.
Jeff Bezos wrote a letter, the “letter to Amazon staff”, addressing the news of him leaving the company as a CEO. It happened this Tuesday. He wrote that it is very draining to be the CEO of Amazon. The case is so to the extent that there is no time or energy left to focus on other things.
He also disclosed the decision to be the executive chairman of the company. He added that the post will let him stay in a perfect balance. He will be involved in the important initiatives that the e-commerce giant will be associated with. While at the same time he can give his undivided attention to other projects of his, including his personal passions. Jeff Bezos went on to name those projects. They included Blue Origin, Day 1 Fund, The Washington Post, and the Bezos Earth.