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Friday, May 24, 2024

World’s Richest Man, Jeff Bezos Steps Down As CEO of Amazon After 25 Years

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Amazon says Jeff Bezos will resign as chief executive of the company he founded more than 25 years ago.

Jeff Bezos

The company revealed Amazon Web Services chief Andy Jassy will take over the role while Bezos will become executive chairman.

The news comes as the company reported its third consecutive record profit and quarterly sales above $100 billion (£73 billion) for the first time.

Read Also: Meet Lauren Sanchez, The New Woman In World’s Richest Man, Jeff Bezos’ Life
Bezos, who started the company as an internet bookseller, said in a note to employees posted on Amazon’s website: “As Exec Chair I will stay engaged in important Amazon initiatives but also have 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.”

He added: “I’ve never had more energy, and this isn’t about retiring.”

Amazon has prospered during the pandemic, with profits tripling and earnings increasing by 37 per cent. From March to June 2020 Mr Bezos saw his wealth rise by an estimated $48 billion (£35 billion).

In August Bezos became the first person ever to exceed a net worth of $200 billion (£149 billion), making him the richest man in the world. He is currently the world’s second richest man after being overtaken by Elon Musk.

Since the start of the coronavirus outbreak, consumers have turned increasingly to Amazon for delivery of home staples and medical supplies. Amazon recruited over 400,000 more workers and posted consecutive record profits.

With its warehouses open, Amazon had another record holiday, beating estimates for online store sales, subscription sales, third-party service sales such as warehousing and other sales to merchants on its platform.

A boost in revenue came from moving Amazon’s marketing event Prime Day – usually in July – to October, lengthening the holiday shopping season.Photo Credit: Getty

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