Jeff Bezos stepped down as Amazon CEO on Monday as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic.
Bezos, Amazon’s biggest shareholder with a stake worth about $180 billion, will still hold sway over the company he started out of his Seattle garage in 1994.
He takes over the role of executive chair, with plans to focus on new products and initiatives.
Global technology analyst at market research firm Nucleus Research Daniel Elman said:
He’ll likely still stay involved, though no longer focusing on the day-to-day and instead able to focus on company-wide initiatives and new products and services’.
‘His skills for cutting through noise, identifying high-value opportunities cannot be overstated … so it would make sense for Amazon to free him from the operational grind to maximize those areas.’
Jassy, who will earn $215M in stock for the promotion, takes the helm of a $1.7 trillion company that benefited greatly from the pandemic, more than tripling its profits in the first quarter of 2021 and posting record revenue as customers grew ever more dependent on online shopping.
Bezos founded Amazon as an online bookstore and built it into a shopping and entertainment empire that is the second-largest private employer in the US, behind Walmart.
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