Lee Daily

Jeff Bezos Steps Down: The Latest News

After making a bunch of headlines, Jeff Bezos is finally stepping down from the recognized post of Amazon CEO. Jeff Bezos took charge of Amazon when he was 25 years old. He is a polished businessman now. He is the founder and CEO of Amazon and it’s not easy to give up the top role. He has spent his life running a company and now it is time for him to move on. 

Andy, his old-time colleague will be taking up his position.

The speculation about the person who will be taking up Jeff Bezos’s post was rife for a long time but now the surety has taken over it.  Amazon’s stock market value rocketed, along with Bezos’ net worth, after news of his plans to step down broke.

Bezos’ wealth reached a record $160 billion (£109 billion). The world’s richest man is now worth more than anyone else.

The Latest News

Andy Jassy will be taking over the position as the new Amazon CEO after Jeff announced his decision. He’ll be guiding the company for the next 5 years… However, this is not the end of the story, as Amazon has been struggling in hiring a new CEO, so this certainly isn’t a sacking. The New CEO At Amazon Andy is currently Amazon’s director of global consumer markets. He will replace Jeff in the future shortly. According to the statement shared by Amazon, they will be on the lookout for a new internal leader to replace him. In the statement, Jeff Bezos said that the reason he took this decision was because of the constant demand of his focus and drive in the past year. Last year, Jeff Bezos notably became the world’s richest man. 

Why is Jeff Bezos quitting?

In an exclusive interview with Amazon’s Eric Schiffer, he said that the Amazon CEO decided to resign as his father passed away recently. But there’s more. Though Jeff Bezos might have stepped down from his position, he is still very greatly involved in the supervision of the company. He will continue to guide the management team and be the executive Chairman of Amazon. Andy was an in-house former executive and is taking over the role of Jeff Bezos. The official announcement from Amazon was made by Giselle Davies, the public relations manager of Amazon, in a statement. 

Jeff Bezos

What does this mean for Amazon?

While his stock will be picked up by the new co-founder of Amazon, many would be asking the question, what will this do for Amazon? The change in management at the e-commerce giant is necessary as it may have adversely moved sales of Amazon’s grocery items. However, this has little effect in the long run. However, there have been a lot of speculations that Jeff Bezos plans on building a company that would help the homeless. We at the Silicon Republic believe that Jeff Bezos will be a smart man if he launches something like that, said one of the people. 

Who will be the new CEO?

Andy was the President of Amazon’s Cloud business and has vast experience and expertise in that department. He is reported to step down from that post in early 2019. He took up the CEO position on Monday. 

Must Check: Bank of America: 2nd-Quarter Financial Results

What does this mean for Jeff Bezos?

Jeff Bezos has already made his mind to officially step down from the position of the CEO. He has been at the helm of Amazon since 1994. So far the company has grown to billions and is considered a global powerhouse. However, it is clear that his personal life and the split of Amazon will put him in an absurd spot. Bezos said he intended to invest additional time in his other endeavours, such as the Washington Post, space company Blue Origin, and philanthropy, when the company posted in February that he might shift from CEO to executive chair.

But, even as he returns to a less visible role at Amazon (AMZN), Bezos will continue to wield enormous power at the business for years to come, as the company’s largest single shareholder, a longtime mentor to the next CEO, and as chairman of the board.

Exit mobile version