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Wednesday, 3 February 2021

Jeff Bezos To Step Down As Amazon CEO

Amazon founder Jeff Bezos said Tuesday he would stand aside later this year as chief executive of the company he built from a startup into one of the world’s most valuable firms.

The world’s richest person based on his Amazon stake, Bezos said he will transition to the role of executive chair in the third quarter, handing over the CEO role to Andy Jassy, who heads Amazon Web Services.

The news came as Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44 percent to $125.6 billion — as pandemic lockdowns caused online sales to explode around the globe.

In a letter to Amazon employees, Bezos said he would “stay engaged in important Amazon initiatives” but would pivot towards philanthropic initiatives, including his Day One Fund and Bezos Earth Fund, and other business ventures in space exploration and journalism.

“I’ve never had more energy, and this isn’t about retiring,” Bezos wrote.

“I’m super passionate about the impact I think these organizations can have.”

Bezos, 57, founded Amazon in his garage in 1994 and went on to grow it into a colossus that dominates online retail, with operations in streaming music and television, groceries, cloud computing, robotics, artificial intelligence and more.

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