Amazon’s Jeff Bezos to step aside as chief executive
February 3, 2021 - Jeff Bezos is to step down as chief executive of Amazon to focus on his other ventures. He founded the e-commerce giant in his garage nearly 30 years ago and now boasts a fortune of almost $200 billion.
Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon’s cloud-computing business.
In a blog post to employees, Bezos said 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.
Bezos’ decision to hand over the day-to-day operation of the company came as a surprise. But investors appeared unfazed, with little change in the firm's share price in after-hours trade.
Amazon also faces increasing scrutiny from regulators, who have questioned its monopoly power. And its dominance in cloud computing is being increasingly challenged by other tech firms, such as Microsoft and Alphabet, parent company of Google and YouTube.