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Jeff Bezos Steps down as Amazon CEO

The Amazon share market surges.

Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced Tuesday. Jeff Bezos steps down after being the richest man in the world through the years.

Launched in 1995, Amazon was a pioneer of fast and free shipping that  has now won over millions of shoppers who used the site to buy diapers to TVs. Under Bezos, Amazon also launched the first e-reader that gained mass acceptance, and its Echo listening device made voice assistants a common sight in living rooms.

In a memo for his employees, Bezos said the transition will give him “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.”

The announcement set off alarm bells on Wall Street and throughout the business community, though the transition does not necessarily portend any significant change to Amazon’s business. Amazon reported a year of record growth on Tuesday, including a 38 percent increase in net sales from 2019, netting the company $21 billion in income, nearly double from the year before. Investors didn’t seem fazed by the news, either. Amazon’s share price was up about 1.5 percent following the announcement.

Source: AP and MSNBC

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