On Tuesday, Amazon CEO and founder Jeff Bezos announced in an email to his employees that he would be stepping down as the company’s CEO. According to Bloomberg, Bezos will take over as the executive chairman in the third quarter of this year. Andy Jassy, the head of Amazon’s cloud division Amazon Web Services (AWS) will be replacing Bezos as the new CEO of Amazon.

In his letter, Bezos stated that he intends to focus on new products and initiatives. He is the biggest shareholder in Amazon, so despite stepping down as the CEO, he will still have a lot of control over the company.

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“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence,” Bezos said, in a letter, to his employees. “This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most
frequently at that time was, “What’s the internet?” Blessedly, I haven’t had to explain that in a long while”.

In September 2020, Jeff Bezos topped the Forbes’ list of richest Americans for the third year in a row. His net worth now crossed $202 billion after an increase of $5.22 billion in a single day. However this year, Tesla supremo Elon Musk toppled Bezos to become the world’s richest person. Elon Musk’s net worth now surpassed $195 billion, and Bezos stood at 185 billion.

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