Amazon CEO Jeff Bezos to step down from the position of CEO

As he prepares to embark on a new career, Jeff Bezos leaves a lasting legacy after turning Amazon from a humble online bookseller into one of the most powerful companies in the world. Bezos, 57, is due to hand over the job of CEO of Amazon to Andy Jassy on Monday and focus on his private space exploration company, philanthropy and other endeavors. However, he will retain a key role as CEO in the e-commerce and technology colossus he founded 27 years ago.

The transition takes place after a spectacular streak for Amazon, which has attracted attention with its innovations. But the company has also been denigrated for business practices that put down competitors and raised concerns about the treatment of more than a million employees. In public appearances, Bezos often talks about his beginnings at Amazon, starting in his garage when he was packing orders himself and driving boxes to the post office.

Kay said Bezos had cleverly moved from books to other goods to an online marketplace and successfully built the cloud infrastructure for the company that became Amazon’s highly profitable web services. Amazon outperformed its competitors by foregoing profits in the early years and reinvesting everything to expand, Kay said.

Amazon’s breathtaking rise has made Bezos one of the richest people in the world, with a net worth of nearly $ 200 billion, even after a divorce settlement that passed part of his stake on to his ex-wife MacKenzie Scott. Bezos will be stepping back from day-to-day management of Amazon to devote more time to projects, including his space company Blue Origin, which will launch him into space later this month.

His departure casts doubt on Amazon’s future as he faces a barrage of regulatory scrutiny and criticism from activists. U.S. lawmakers are considering a move that would facilitate the split of Amazon amid concerns that a handful of big tech companies have become too dominant and affect competition in ways that ultimately harm consumers.

Amazon is well-positioned with its fast delivery of products and groceries during the coronavirus pandemic, increasing its workforce to over 800,000 in the US. Kay said Amazon could become “a victim of its own success” and be forced to split into two or more companies.

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By Vil Joe

Vil Joe, co-founder of the website with three years of experience in the newspaper industry. Apart from writing and editing articles on Sports and Technology at Breaking News 4 You, he also contributes to the other news portals.

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