Last night, Jeff Bezos made the groundbreaking announcement that he will be stepping down as the CEO of Amazon.
What exactly does this mean going forward? Keep scrolling to read his full statement...
Now, this news came as a huge shock to many.
Because Bezos has dedicated the majority of his adult life to building the empire that is Amazon.
After graduating, Bezos spent some time working on Wall Street...But, 4 years later in 1995, he quit to open his own online bookstore from his garage - Amazon.com.
The birth of Amazon.com changed everything for him.
via: GettyThe initial success of the online store was staggering. Within the first thirty days, Amazon.com had sold books all across the United States, and across forty-five foreign countries.
And the online retailer only went from strength to strength.
In the mere years following its launch, Amazon.com began stocking a wider variety of products, such as electronics, clothing, and toys, making it the number one online retailer.
It's yearly earnings kept multiplying...
And, as of August last year, the company alone was reported to be worth $1000B.
Bezos's accomplishment with Amazon is simply staggering...
via: GettyAnd he didn't stop there. In 2013, Bezos revealed that he had purchased the Washington Post, which he has since made profitable with a revenue of over $100 million.
Bezos has embarked on many ambitious quests in his career.
via: GettyIn May last year, he proudly unveiled Amazon's "Blue Moon", his very own lunar lander project.
He wants to help get man back on the moon.
via: GettyWhich, with all his money, could very well be possible. "My generation's job is to build the infrastructure," Bezos declared at the unveiling, "we're going to build the road to space."
But, despite all of his success...
He has faced a significant amount of controversy regarding his work ethics and spending habits.
It emerged that Bezos provides a shockingly low standard of working conditions for his employees.
GettyOver the last couple of years, more and more stories of Amazon workers being forced to work unethical hours for ridiculously low wages - as little as $10 an hour, in some instances - have been emerging.
Oh, and Amazon paid $0 in federal taxes in 2018.
Despite the retailer being one of the most valuable companies in the world, and pulling in $232.9 billion in global revenue in 2018, they paid absolutely nothing in federal tax that year.
Doesn't look great for one of the wealthiest men in the world, does it?
But, regardless of all the controversy surrounding the business tycoon...
via: GettyBezos still remains one of the most powerful men in the world, and a little tax evasion and unethical labor definitely won't be fazing him anytime soon.
Because these last few months, in particular, have been very beneficial for Bezos.
via: GettyWhile the majority of the world has been in lockdown, Amazon's sales have been skyrocketing.
Demand for online shopping is at an all-time high...
And, as a result, the CEO, saw his wealth expand by $74 billion in 2020 alone.
Bezos is now estimated to become the world's first trillionaire by 2026.
via: GettyComparisun, a business software comparison site, used data collected from the last 5 years of the Forbes Rich List to calculate the yearly wealth growth rate of the world's richest billionaires.
But, it seems that he has had enough.
Despite an outrageously successful couple of years, Bezos has announced that he intends to step down as CEO of Amazon.
He will move down a rank to executive chair in a move he said will "give him more time to focus on his other projects."
Fortunate to meet @JeffBezos early in my career. No idea I was about to witness the most spectacular CEO run of my lifetime. Unquestionably the most strategic business thinker I have ever met. Also uniquely able to turn those strategies into processes that scale. Undisputed GOAT. pic.twitter.com/nkL9GjI0MA— Bill Gurley (@bgurley) February 3, 2021
Amazon Web Services (AWS) CEO Andy Jassy will take over as Amazon's CEO.
In a letter to his employees, Bezos noted that he sees Amazon at its "most inventive ever, making it an optimal time for this transition."
Amazon CEO Jeff Bezos will step down from his post in the 3rd quarter of 2021 and be replaced by Andy Jassy, the head of the cloud computing unit.— BFM News (@NewsBFM) February 3, 2021
Bezos who will become executive chair says he will continue to engage in Amazon initiatives but will pivot to other ventures. pic.twitter.com/thwnr2HNaT
The statement continued:
"In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence."
He took the time to reflect on what he has achieved as CEO...
"Invention is the root of our success. We've done crazy things together, and then made them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more."
"I don't know of another company with an invention track record as good as Amazon's, and I believe we are at our most inventive right now."
"I hope you are as proud of our inventiveness as I am. I think you should be."
And, finally, he stressed that this move certainly doesn't signal the end of his career.
"I've never had more energy, and this isn't about retiring. I'm super passionate about the impact I think these organizations can have."
So, there you have it. What do you think?
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