Amazon’s CEO, Jeff Bezos announces he is stepping down

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Amazon CEO, Jeff Bezos introduced on Tuesday he is stepping down because the Chief Executive Officer of the e-commerce big, an organization he based 27 years in the past.

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos stated in a letter to staff, including that he will deal with his  “the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.” The Day 1 Fund and Bezos Earth Fund are Bezos charity organizations.

Amazon’s head of cloud computing unit, Andy Jassy, will take over from Bezos within the third quarter of 2021 whereas Bezos will grow to be govt chair of Amazon’s board, according to the letter.

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“I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have,” Bezos stated. “He will be an outstanding leader, and he has my full confidence,” he added.

At the age of 30, Bezos based Amazon in 1994 as an internet ebook vendor. From a small starting, the corporate has since metamorphosed right into a tech big, chargeable for 37 p.c of all on-line gross sales within the United States, in accordance with Statista, reworking the retailing trade as soon as dominated by brick-and-mortar companies.

“This journey began some 27 years ago. Amazon was only an idea, and it had no name,” Bezos wrote within the letter to the employees. “The question I was asked most frequently at that time was, ‘What’s the internet?’ … Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”

Amazon’s market valuation surpassed $1 trillion for the primary time in January, and has continued to develop quickly. The tech big is at the moment price greater than $1.6 trillion.

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Jeff Bezos’ announcement got here lower than 2 hours after Amazon reported fourth-quarter earnings that beat Wall Street analysts’ expectations for each gross sales and revenue, capping a banner 12 months because the pandemic pressured extra folks to buy on-line, boosting Amazon’s retail and cloud businesses. Over the previous one 12 months, Amazon’s inventory has surged to just about 69%.

Amazon (AMZN) posted quarterly web gross sales of $125.6 billion, up 44% from the identical interval within the prior 12 months and effectively forward of the $119.7 billion Wall Street analysts had projected.

Net earnings within the quarter hit $7.2 billion — practically double the $3.7 billion Wall Street predicted and greater than double the $3.3 billion in earnings the corporate earned within the year-ago quarter.

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Bezos is at the moment the second richest man in the world, standing behind Elon Musk who grew to become the world’s richest final month – a place Bezos occupied earlier than then after taking up from Bill Gates.