Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He will be replaced by Andy Jassy.
Bezos has been Amazon's CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth, which has also made Bezos into one of the world's richest people. Jassy has worked for Amazon since 1997 and currently serves as CEO of the company's cloud business, Amazon Web Services, its biggest profit driver.
"This journey began some 27 years ago. Amazon was only an idea, and it had no name," Bezos wrote letter to employees Tuesday. "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."
The news came as part of Amazon's fourth-quarter earnings report. The company handily beat Wall Street analysts' projections for both sales and profit, capping a banner year as the pandemic boosted its retail and cloud businesses.
#Bezos #FirstMove #CNNBusiness
‘Stunning’: Amazon CEO Jeff Bezos stepping down
That’s so weird, usually when a CEO steps down, they usually don’t do it out of the blue (sometimes theirs marketing for the transition, PR and all that to make sure it’s all prepared for a seamless change) I find it strange
I think people are realizing amazon is not what it use to be and most of the products are now knockoff junk and real distributors don’t want to put their stock on amazon because of this, and prime is not worth it anymore either and they can’t compete with streaming services to make it worth it.
@jr h no. people have known this. amazon still make money
@Baby Toshiro but how long they can keep that up still remains to be seen. Once a company gets a reputation for bad service/products its very hard to turn public perception around. Just think of stores like Sears or K Mart, which Sears was the largest company in their field and where are they now? The market didn’t disappear but peoples opinions did and never changed
@Tales toTell what like stealing tips and crushing union organization to his staff forced to pee in bottles while on the clock? Nah, couldn’t be that…SMH…hope he has a better grip on his fleet of yachts than Amway’s Betsy DeVoss…
@jr h true story , bought Gillette mach 3 turbo blades from Amazon. Looked completely legit but ripped my face off 😂😂
Maybe he should dedicate his life to charitable causes.
https://youtu.be/TGYXtXVlekA
Dedicate his life? If he spent 15 percent of his wealth, there wouldn’t be any charitable causes left to solve. 5 years at most.
Himself
Why would he start now?
Let’s hope so.
Executive Chairman is not exactly a “stepping down”.
Title’s Out w/ dignity?
He’s stepping down to build his own money bin so he can swim in it.
Is that a reference to Scrooge McDuck?
Dr. D. Rivers Senghor 🗑🤖
Dr. D. Rivers Senghor who wouldn’t be ya mook😒
Drown employees in it.
@Dr. D. Rivers Senghor No, he’s human.
Why is everyone talking like he’s going away? Smh.
https://youtu.be/rqAv_UgavDs..
Hes not the next ceo will take the hit for bezos
He stole Amazon driver’s tips, more than 65 million dollars, but since he’s worth 400 billion dollars, I guess it’s legal. No surprise.
How about you guys start talking about quality of his employees life it’s stealing tips from employees richest man in the world can’t pay a fair wage
Agreed, they are celebrating his free time when we find out he literally stole the tips of drivers for two years. His fine of 61 million is not even a days profit , lol…..crime does not pay unless it is really frothy loi
@Murray Flewelling I met an old man in jail that had weekends for a year and embezzled over a hundred thousand dollars. We would ask him if he still had the money and he would never say. He would just grin at us. He was in his 60s probably.
He’s a liberal and is against his employees voting on union representation by mail in ballot. Claims it ripe for fraud!!!!!!!!! Imagine that!!!!!!!!!!! Can you say hypocrite? Ever meet a Democrat that wasn’t a hypocrite?
@David Eby It is not their fault, just ask Congresswoman Green and she will tell you all about the space lasers and baby eating contests that cloud the minds of democrats
. FYI, it has nothing to do with mail in ballets as everyone that understands reading comprehension knows it is about his disdain for Unions. Your question is ironic….. I asked a room half full of republicans and the others democrats “have you ever met a republican that understood reading comprehension……” half the room said What? , the other half were still laughing when I left.
Enjoy the next four years , at least 2 of which could be full of people that believe in space lasers, since they would have the same amount of power as Mitch McConnell….ROTFL !!!!!!!!!!!!
@Eric Bogar Is it more than most companies that are the most profitable in the world? And where does that fit in with the idea that capitalism should be a free market, but we give tax breaks to those that get big enough they do not need them, and will crush many businesses that also would have paid higher wages, and are gone as a result of tax breaks for the super rich?
So there are not enough jobs, people that are sympathetic to companies stealing the tips of drivers, and it is our politicians fault that there are fewer good paying jobs every year??… Thank the universe we have Amazon to bring anything right to our door for less? , our society will need that more and more…lol
He’s going to be making surprise deliveries.
You are White, my friend. 😉
After torturing humans, is he going to use his new free time to torture animals? Best of luck, Jeff!
@Michael Chabler i dont think you know what it means to inflict suffering
@Michael Chabler you can drive a delivery truck for amazon or walmart it is all the same. People working minimum wage jobs have plenty of options.
@BlagoP I didnt want response to this non-sense here , but “Jobs Created by Supply and Demand?” did you ever read any books in your life? what are you talking about my friend? you should read Adam Smith at least.
you dont know how congress works then talking about that.
im done with you this is one of the stupidest comments I ever seen.
economic conditions ? what are you talking about.
oh boy this is wasting time. im done gl
A bit OTT, however the spirit of the comment is true…his employees peeing in bottles to keep up with their outrageous picking quotas for very low wages, no health benefits commiserate with the covid 19 outbreaks and his crippling of unionization is beyond the pale…hopefully he keeps better track of his yacht fleet than Amway’s Betsy Devos…
Good riddance, the destruction & demolition to the fabric of this society you unleashed is unprecedented. Well done…, your pockets are full of greenbacks, please go colonize mars and don’t come back. If you happen to find a soul on another planet, please, feel free to apologize to all the small businesses you looted, bamboozled and destroyed. I will give you this you may be one of the greatest opportunists and manipulators this planet has ever known and clearly understood the power of herd mentality by taking advantage of all the sheep that wander this planet! I stand unimpressed with your greed & narcissistic nature and knew from the start you are a tainted seed that knows no boundaries except those that fit your selfish endeavors.
The dragon just wants to relax and lay on his pile of gold
@The Wolf Well we can’t just assume he’s gonna liquidate all of his assets and give it all away ha. He has bigger ambitions like Blue Origin
Plot twist: Jeff Bezos is Sauron. Ooops. Sorry, I just spoilered the new series…😬
He can have a beautiful journey at federal prison
Funny you say that because he was born in year of the dragon
Explain to me: Why Politicians and government officials are still getting their paychecks and have not helped the American People and are not helping us financially when they closed the country down???????
Good riddance
He doesnt want the government ever coming after all his pandemic winnings.
The government won’t come after his money he is in bed with them. He knows he will get kicked from the worlds richest after Elon musk takes the top spot.
It’s so disgusting to see how they fawn over one of the richest and most powerful men who treats their workers like disposable diapers and has unqualified employees to test other employees without ppe and training so that he can save money!!
It’s amazing how many heads of companies and political figures are mysteriously stepping down all of a sudden.
He’s just wants to dedicate more of his time to defeating Superman. That’s all. 🦸♂️
Weird cheerleading from people who must clearly care about Amazon stock.
Is anyone going to mention the news about him stealing tips from Amazon Flex drivers? Of course not!
Elon Musk finding out about this:
Wait, that actually happened?
**laughs**
MAYBE HE SHOULD FOCUS ON GIVING HIS EMPLOYEES A LIVABLE WAGE N HEALTH INSURANCE 🧐 THE CHEAP SOB 😬🥀
All that money, and look at his warehouse work conditions.