Amazon CEO Jeff Bezos is stepping down and Andy Jassy to lead the company forward

Jeff Bezos has started Amazon in 1995 as an online bookstore, 26 years later it turned into a $1.7 trillion behemoth that sells everything from diapers to sofas, produces movies, owns a grocery chain, and provides cloud computing services to businesses all over the globe. In the process, he became one of the world’s richest people with an estimating worth of over $196.2 billion.

On Tuesday Amazon.com Inc announced that longtime CEO Jeff Bezos will be stepping down from his post this summer, and will assume the role of executive chairman so he can focus on other projects. He will be replaced by Andy Jassy, who currently runs Amazon’s cloud business, and will be leading the company forward as CEO.

Jeff Bezos has never let Amazon rest, there is always new invention and, renovation, last year alone it bought a company developing self-driving taxis; launched an online pharmacy selling inhalers and insulin, and won government approval to put more than 3,200 satellites into space to beam internet service to Earth.

In a blog post, Bezos said he is going to stay engaged on important Amazon initiatives, and he intends to focus on other ventures, such as Blue Origin a rocket ship company as well 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 to anything else. 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.” Jeff Bezos wrote in his blog.

Since the start of the coronavirus Pandemic, Amazon has seen a record high profits, and because of the lockdown, the shop closure; people turned increasingly to online shops through Amazon mostly you can find anything and some products are delivered even on the next day. The net sales for Amazon grow by $38,12 billion at the end of the fourth quarter of last year.

Amazon’s next CEO will be Andy Jassy, he joined the company in 1997, has an MBA from Harvard Business School, and currently runs Amazon’s cloud business.