Business / Billionaires

Jeff Bezos Steps Down as CEO of Amazon After 27 Years

The head of Amazon Web Services, Andy Jassy, has taken over as CEO of Amazon.

Jul 06, 2021 | By Joseph Low
Jeff Bezos, Amazon
Credit: Amazon

Amazon CEO Jeff Bezos has officially stepped down from his CEO position at the e-commerce giant, and his title has been assumed by former Amazon Web Services head Andy Jassy. Bezos still maintains his connection to the company as its Executive Chair.

Jassy first joined the company in 1997 and led the company’s web services since it was set up in 2003. Following which, he was appointed as the division’s CEO in 2016. As of July 5, Jassy will take helm of the US$1.7 trillion company, which has boomed significantly during this Covid-19 pandemic. “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,” said Bezos in a letter to Amazon employees.

Andy Jassy, Amazon
Andy Jassy, the new CEO of Amazon; Credit: Amazon

Profits for Amazon more than tripled in the first quarter of 2021 and this widely suggests the burgeoning trend towards online shopping. Moving forward, this trajectory will continue as people become more dependent on the convenience shopping online can afford them.

Initially starting out as an online bookstore, Bezos built the Amazon empire into its current state that now offers a full range of services from grocery to entertainment. With such stature, the company trails behind Walmart to become the second-largest private employer according to an article by the World Economic Forum

Bezos first announced his intention to resign from his position in February to focus more on his other business ventures. “Being the CEO of Amazon is a deep responsibility, and it’s consuming,” he said. “When you have a responsibility like that, it’s hard to put attention on anything else. As Exec Chair 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’ position as the world’s richest person was overtaken by LVMH’s Bernard Arnault for a brief moment before he reclaimed his throne. Currently, the Amazon founder has a net worth of US$201.8 billion. Bezos’ next milestone will be his trip with his brother Mark aboard Blue Origin’s first commercial spaceflight on July 20. 

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