Jeff Bezos will step down as CEO of Amazon


On July 5, , the richest person on Earth, will officially step down as CEO of Amazon, the company he founded in 1994, 27 years ago. The company has a market capitalization of $1.7 trillion. It was Amazon Web Services that significantly increased Amazon’s valuation. Bezos generated $1.7 trillion for investors creating new products, including Kindle and Alexa. The cloud platform was bringing in $13.53 billion in net income in 2020, compared to the e-commerce side’s $9.36 billion. The next boss will be Andy Jassy, 53 years old. People who’ve worked closely with Mr. Jassy over the years describe him as soft-spoken and approachable. He is a sports and music fan. Bezos will remain as the company’s chairman of the board and will continue to own a 10.3% stake in the company. Amazon now faces mounting pressure from regulators and lawmakers around the world over whether it’s unfairly wielding its size and influence against competitors.


Bezos era comes to an end, experts say. But some of his principles to do a successful bussiness will remain. “As a company grows, everything needs to scale, including the size of your failed experiments,” Bezos wrote in a 2018 letter to shareholders. “When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it,” Bezos said in 2015. “Be afraid of our customers, because those are the folks who have the money,” Bezos also said.