February 3, 2021 | Investopaper
Amazon founder Jeff Bezos has announced he will step down as chief executive officer of the company by the end of 2021. Bezos is credited with transforming small business into one of the most important companies in the world. Bezos, now 57, started Amazon in 1994 from his garage.
Bezos, who is on the list of the world’s richest people, said he would be the company’s chairman and hand over the chief executive position to Andy Jesse for the third quarter of this year. Jesse is currently leading Amazon Web Services.
Amazon’s profits nearly doubled to $ 7.2 billion as online businesses flourished after the coronavirus epidemic. The company’s total turnover also increased by 44 percent to more than $ 125 billion.
In a letter to Amazon employees, Bezos said he would actively participate in Amazon’s activities as well as philanthropy. He is currently running two philanthropic campaigns called Day One Fund and Bezos Earth Fund.
Currently in the US, the company has made an impact in the online retail business, working on music and television streaming as well as food, cloud computing, robotics, artificial intelligence and other innovative projects. His other businesses include The Washington Post newspaper and private space agency Blue Origin.
Jesse, who is set to become Amazon’s chief executive, began working as a marketing manager in 1997. He has been with Amazon Web Services since 2003. Bezos says Jesse has unparalleled talent and leadership and has full confidence in him.
Amazon, which has made great strides under Bezos, is headquartered in Seattle, Washington, and is building a second headquarters outside the US capital.