JEFF BEZOS TO STEP DOWN AS AMAZON CEO AFTER 26 YEARS – By Austin Inyang

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JEFF BEZOS TO STEP DOWN AS AMAZON CEO AFTER 26 YEARS – By Austin Inyang

One of the world’s richest men is set to step down from one of the world’s most iconic executive positions in late 2021.

According to an announcement by Amazon, Jeff Bezos will leave the role of CEO and transition to that of Executive Chair. He will be replaced by Andy Jassy.

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Bezos has been Amazon’s CEO since its founding in 1995 and grew the company from an online bookseller into a $1.7 trillion global retail and logistics heavyweight. His replacement, Jassy has worked for Amazon since 1997 and currently serves as CEO of the company’s Cloud business, Amazon Web Services.

In a letter to his colleagues on Tuesday, Bezos said he was excited to take the next step.

“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote. “When you have a responsibility like that, it’s hard to pay attention to anything else. As Executive 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. I’m super passionate about the impact I think these organizations can have.”

The news came as part of Amazon’s fourth-quarter earnings report, which also said the company’s stock has grown nearly 69% over the past year.

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