Jeff Bezos After leading Amazon to become a trillion-dollar company, the founder Jeff Bezos has stepped down as its Chief Executive Officer.
He officially stepped down on Monday, July 5th, 2021. Andy Jassy who has been at Amazon for 24 years and is one of the highest-paid executives at the company, earning $36 million in 2016 alone has taken over from Bezos.
Bezos however will remain in the company as the Executive Chairman.
Always fascinated by space travel, later this month he aims to fly into space on the first crewed flight made by his company Blue Origin.
Brian Olsavsky, Amazon’s chief financial officer, said “Jeff is not really going anywhere. It’s more of a restructuring of who’s doing what.”
“Bezos also retains just over 10% of all of Amazon’s shares, making him the single largest shareholder and securing his ability to shape the decisions of the new CEO, especially when they disagree about the firm’s strategic direction,” Sky News reported on Monday.
Russ Mould, investment director at AJ Bell, said; “The fact he is stepping down as chief executive of Amazon doesn’t mean he is disappearing; far from it as he is becoming executive chairman.
“The chairman’s role is to keep the chief executive in order, so Bezos will still be ingrained in the business and be able to provide guidance on a range of strategic issues,” he said.
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