Jeff Bezos will step down as the CEO of Amazon while he is most likely to be replaced by Andy Jassy. Bezos has been the CEO of Amazon since he founded the company 30 years ago.
Andy Jassy currently runs the cloud business of Amazon and he will replace Bezos in fall of 2021. Bezos, after relinquishing his position will become the executive chairman of the Seattle based company.
Who is Andy Jassy?
Jassy joined Amazon after his exam of MBA at Harvard Business School in 1997. Jassy is at the helm of Amazon's Web Services (AWS) since he founded the platform in 2006. Amazon is the dominant cloud provider in the world as per various reports.
Why Bezos is stepping down?
Bezos, as per reports wishes to give attention to his philanthropic works. He will look after his space and media projects. After he bought Washington Post, he has been a hands-off owner. He purchased Washington Post for $250 million.
In a letter written to the employees, Bezos said, "I've never had more energy, and this isn't about retiring." Bezos, now 57 years old, founded the company as an online bookstore but now the company has extended to many ventures.
"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," Bezos added in his letter as an Executive Chair of the company.