Jeff Bezos is stepping down as Amazon CEO

Business

E.SHARMA,

LONDON, A giant e-commerce company Amazon founder or boss Jeff Bezos is stepping down from his role as chief executive CEO later this year. And in the transition period, he will be leading the company in the role of executive chair. In his absence, Andy Jassy will lead the company in his position. The company said on Tuesday.

Andy Jassy, New CEO

Bezos has been leading this company as CEO since its founding in 1995 AD. He established this company as a bookseller into a $1.7 trillion global retail which has made him the richest person in the world for many years. The new CEO Jassy has been working for Amazon since 1997 and currently serving as CEO of the company’s cloud business, Amazon Web Services, which is its biggest profit driver of the company.

Bezos wrote in his latter, “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. 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. I’m super passionate about the impact I think these organizations can have.”

As for the full year, Amazon reported net sales increased 38% to $386.1 billion, more than $6 billion more than analysts had projected. Net income for 2020 reached $21.3 billion, or $41.83 per diluted share, an increase of nearly 84% from a year earlier.

[ref-cnn]

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