Published: Wed, February 03, 2021
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Jeff Bezos Steps Down as Amazon CEO

Jeff Bezos Steps Down as Amazon CEO

At that time, Amazon's CEO role will be filled by Andy Jassy.

Jeff Bezos, the founder and Chief Executive of, Inc., is to step down and transition to the role of Executive Chair later this year.

Bezos will become Amazon's executive chairman and remain its biggest shareholder. "The project will create more than 2.5 acres of open space for the local community, run on renewable energy, and bring retail and other services to local residents", Amazon noted.

"Amazon is what it is because of invention", Mr. Bezos said of the quarter. Amazon Web Services (AWS) started as a small addition to its e-commerce operations but has grown in recent years to account for nearly 60 percent of operating profit and has become one of the leaders of the cloud computing industry.

Bezos' replacement is Amazons Web Services current CEO Andy Jassy who will takeover during third quarter this year.

Tom Johnson, chief transformation officer at Mindshare Worldwide, said Jassy's promotion underscored the importance of web services to Amazon's future. That $13.5 billion accounted for more than half of Amazon's $21.3 billion in total profits in 2020.

Bezos founded Amazon as an online bookstore and turned it into a behemoth that sells just about everything.

Amazon spent $11.5 billion on hiring, expansion and other costs related to COVID-19 previous year - but the pandemic-driven surge in online shopping, as well as continued strength from its cloud-computing division, more than made up for those outlays, the company said Tuesday.

Amazon is a $1.7 trillion firm. "Right now I see Amazon at its most inventive ever, making it an optimal time for this transition", said Bezos. Musk recently leapfrogged Bezos amid a surge in Tesla's share price. Scott received a stake in Amazon after the divorce worth almost $40 billion at the time.

Amazon's relentless growth propelled Bezos to the heights of wealth.

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