Is Jeff Bezos leaving Amazon?
Amazon founder Jeff Bezos has officially stepped down as the company's chief executive, handing that role over to Andy Jassy, in order to focus on "new products and early initiatives". Sky NewsJeff Bezos steps down as Amazon CEO today - but how much power is he really giving up?
Who is the CEO of Amazon?
As Amazon CEO Jeff Bezos prepares to leave the planet in the coming weeks in a rocket built by his spaceship company, he's handing the reins of his e-commerce business — the country's second-largest employer — to Andy Jassy, 53, a loyal lieutenant who spent 24 years by his side. NBC NewsAmazon primed: How new CEO Andy Jassy can follow in Jeff Bezos' footsteps
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Bezos, who founded Amazon as an online bookstore and built it into a shopping, tech and entertainment behemoth, is being replaced by Andy Jassy, who runs Amazon’s cloud-computing business.
That date of his official departure was sentimental for the longtime chief executive. It was 27 years ago, on July 5, 1994, that Amazon was officially incorporated.
"We chose that date because it's sentimental for me, the day Amazon was incorporated in 1994," Bezos said in his last shareholder meeting, according to Business Insider.
Launched in 1995, Amazon was a pioneer of fast, free shipping that won over millions of shoppers who used the site to buy diapers, TVs and just about anything else. Under Bezos, Amazon also launched the first e-reader that gained mass acceptance, and its Echo device made voice assistants a common sight in living rooms.
However, Bezos is still the company’s biggest shareholder, giving him broad influence over Amazon.
Amazon’s Chief Financial Officer Brian Olsavsky also reiterated in a call with reporters that "Jeff is really not going anywhere."
Instead, "it’s more of a restructuring of who’s doing what," Olsavsky said.
In February, Bezos told employees in a blog post that he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.
"Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else," he wrote. "As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions."
The move "isn’t about retiring" he said, adding that he has never had "more energy."'
"I’m super passionate about the impact I think these organizations can have," Bezos added.
Bezos is one of the last founders of a big tech company to still be CEO. The founders of Google, Oracle and Microsoft have all stepped down from the top job of the companies they created. Facebook is still led by co-founder Mark Zuckerberg.
Jassy, Bezos’ replacement, is a longtime Amazon executive, having worked at the company since 1997. The cloud-computing business he runs powers video-streaming site Netflix and many other companies, and it has become Amazon’s most profitable business.
Read full article at CNBC
06 July, 2021 - 12:18am
No need to check his 401k or social security before retiring. Jeff Bezos, who steps down Monday as Amazon’s CEO, is the world’s richest person.
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Forbes estimates that his fortune rocketed $196 billion since 1998, when he first appeared on its list of richest Americans.
Today he’s worth nearly $202 billion, the magazine says.
What does that mean for retirees whose paychecks have far fewer zeroes?
Business Insider estimates Bezos’ fortune at 739,489 times the median American's retirement wealth.
In fact Bezos, who will remain as Amazon’s executive chairman even as he turns over the reins to Amazon Web Services chief Andy Jassy, has seen his fortune increase 73% since 2019 alone. That, in spite of handing over one quarter of his company stock to ex-wife MacKenzie Scott in their divorce.
Most of the Bezos fortune – 90% – is in Amazon. The rest is in his extracurricular activities, including rocket company Blue Origin and the Washington Post newspaper.
Another way that Bezos isn’t like ordinary people: He pays less income tax.
ProPublica used Internal Revenue Service data to examine the tax returns of some of America’s wealthiest. In 2007, Bezos, who was already a billionaire, paid no federal taxes. In 2011, when he had a net worth of $18 billion, he paid no federal taxes and even received a $4,000 tax credit for his children.
As to why Bezos is retiring on Monday? It marks the 27th anniversary of the launch of Amazon's online bookstore.
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