Amazon founder Jeff Bezos is stepping down as CEO. Bezos will now serve as the company’s executive chairman. Bezos is stepping down from a position he has held for 27 years. Andy Josie, who heads the Amazon cloud computing business, will be replaced by the CEO. Assigned to the position. Bezos will step down by mid-2021.
Bezos said the decision was made to focus on his other ventures as well. Amazon’s CEO emphasized that the letter was not a signal of a formal antitrust inquiry into the allegations, but rather a signal of a formal antitrust inquiry into the allegations. Bezos’ decision comes shortly after it made a profit in three consecutive quarters and set a record in sales.
Bezos is also well placed for any such move as he is currently valued at around $200 billion, and as such, has enough capital to fund not only his passions but then some more. “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. I’ve never had more energy, and this not about retiring. I’m super passionate about the impact I think these organizations can have.” Bezos said in an email to Amazon employees.