Amazon.com is one of the well-known e-commerce platforms based in the United States. It is one of the big five IT companies of the United States along with the tech giants Google, Facebook, Apple and Microsoft. The CEO and the founder of the company Jeff Bezos have announced that he would step down from his position of CEO on July 5. Let’s look at the reason, Why he decided to step down as CEO of the company.
Amazon CEO – Latest News
Amazon CEO and the founder Jeff Bezos had announced in the Annual Shareholder Meeting of the company that he would step down as the CEO of the company he had founded around 3 decades ago on 5 July 2021.
The company had previously announced about the transition plan of the CEO and is also noted that Jeff Bezos would not stay away from the company and would remain close to the company taking the major decisions of the company staying as an executive chairman.
Reason Why Jeff Bezos is stepping down as Amazon's CEO
Jeff Bezos has conveyed that moving to the executive role he would be closely connected to the company and the decision-making process as well as being able to focus on a lot of other works.
Jeff Bezos had conveyed that he is very excited to move into the chief executive chairman position of the company where he would be able to focus his energy and attention on new initiatives and products.
It is expected that Jeff Bezos is stepping down as the CEO in order to focus on his other initiatives such as Blue Origin Spaceship company, Bezos earth Fund, Amazon Day 1 Fund and The Washington Post.
Who will be the New CEO of Amazon?
Jess Bezos had also conveyed that he would hand over the position of CEO to Andy Jassy who has been a part of Amazon from the year 1997. He was the one who launched Amazon’s most profitable segment which is the AWS cloud computing division in the year 2006.
In the year 2020, the revenue generated from AWS was around USD 45.3 billion and delivered an operating margin of 30 %. One of the recent achievements by Andy Jassy before the official handing over of the CEO position is to bring back the former senior executive of the company Jeff Blackburn.
Reason Why Jeff Bezos chose 5 July as the date to step down
Jeff Bezos during the Shareholder meeting conveyed that there was an emotion behind choosing the date 5 July as the day to hand over the CEO position. He added that he chose the date as it was sentimental for him. July 5 is when Amazon has incorporated 27 years ago exactly on the same date in the year 1994.
Bezos had even spoke about Andy Jassy providing an assurance for the shareholders that he would never let the company down and has the highest standards and the energy that is required to keep the company alive and special. He also mentioned about the deal where Amazon had acquired MGM studios.
Amazon has always made sure to keep its succession plans quiet but however certain spectators have predicted the successor to be Andy Jassy. The contribution of Andy Jassy to the firm Amazon is innumerable and the same would be expected from the new position which he would undertake.
How much Amazon stock does Andy Jassy own?
Andy Jassy owns over 1,250 units of Amazon.com stock which is worth over $280,268,736.
How much does Jeff Bezos make an hour?
Jeff Bezos earned an average of $13.4 million per hour during the pandemic.
Who will be the next CEO of Amazon?
Andy Jassy will be the next CEO of Amazon, he has launched Amazon’s most profitable segment which is the AWS cloud computing.
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