Jeff Bezos Will Step Down As Amazon’S Chief Executive This Year

2021-02-03   |   by CusiGO

Amazon founder Jeff Bezos will step down as chief executive of the e-commerce giant. The company said at the end of the market on Tuesday that Andy Jassy, Amazon’s chief executive, would take over from him sometime in the third quarter of this year, and Bezos would step down as the company’s chief executive. The shift was a sweet moment for tech companies, which announced that sales exceeded $100 billion for the first time in a quarter.

The decision overshadowed the initial rise in the company’s share price as a result of last quarter’s good results, opening a period of uncertainty for the new leadership. At present, the company’s market value is $1.7 trillion. The technology company reported on Tuesday that in the last quarter of 2020, profits more than doubled to $7.2 billion and revenue rose 44 percent to $125.6 billion.

“When you look at our financial performance, what you see is actually the long-term accumulation of our (our) creativity,” said Amazon’s co-founder. “Now I see Amazon is more creative than ever before, so now is the best time to transform,” he explained in a letter to investors

Bezos (57, Albuquerque, New Mexico) has been the CEO of Amazon since he was founded in a garage in Seattle in 1994. According to Forbes magazine, he is one of the most powerful entrepreneurs in the world, with nearly $200 billion in wealth.

The shift began when Amazon seemed invincible, creating record sales during the pandemic and generating profits and no account revenue from the cloud services that Jassy helped create and manage himself. In fact, Jesse, who has been associated with Amazon since 1997, has been seen as a successor to the future since Jeff Wilke, chief executive of Bezos, announced his resignation last year. But he is still the president of the company.

Today, Amazon is not just the world’s largest bookstore, it’s not just a company that innovates retail. It is also an online content and cloud technology provider, an entertainment giant with Amazon Prime and digital advertising, and has entered the food industry, even the healthcare industry, and revolutionized the pharmacy industry. His latest bet is to build a large virtual supermarket, Amazon fresh. Potential obstacles to its expansion come from regulatory areas, such as anti-monopoly lawsuits in Brussels and some U.S. states, as well as increasingly stringent oversight by the U.S. Congress, where Bezos was forced to explain, In a political offensive, he once agreed with Democrats and Republicans.

But Bezos, one of the oracle of Silicon Valley and until recently one of the richest people in the world, is far more visible than the business world. He was defeated by Elon Musk, the visionary founder of Tesla. In 2013, the entrepreneur made a symbolic landing in Washington and bought the Washington Post, which suffered losses for many years, for $250 million. It was a personal acquisition of Bezos himself, not his company, which soon proved successful, making his boss the first big internet entrepreneur to save a printed newspaper. At the time of Honda’s structural crisis, Bezos saved the capital elite’s favorite headlines from the traditional mode of journalism, and became one of the targets of Republican president Donald Trump’s fierce attacks on the media.