Bezos said how important Amazon was to him, but he also wanted to “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. 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.”
After serving the company for 27 years, Jeff Bezos officially stepped down as chief executive officer of Amazon.com Inc., but the shift in leadership has left many questioning what comes next for the company and the billionaire.
Why did Jeff Bezos step down?
Well, the most obvious answer is the simplest answer – he doesn’t want to be CEO anymore.
While it may seem like he is relinquishing power of his trillion-dollar enterprise, he really is gaining more power over the company while not having to worry about the day-to-day activities of a CEO.
Bezos is looking to serve as executive chair of the board which means he is basically more powerful than ever when it comes to controlling Amazon.
The CEO of the company still has to answer to the board that manages the company, and Bezos has taken that position for himself.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote in his announcement. “When you have a responsibility like that, it’s hard to put attention on anything else. As Exec Chair I will stay engaged in important Amazon initiatives…”
How does he plan to spend his retirement?
Despite having big plans to further Amazon’s ventures, Bezos seems to have his eyes set on a new playground – space.
Bezos’ company Blue Origin seems to be taking the forefront of his interest as he looks ahead to the stars.
“Ever since I was five years old, I’ve dreamed of traveling to space,” Bezos, 57, said in a Monday morning Instagram post. “On July 20th, I will take that journey with my brother. The greatest adventure, with my best friend.”
Speaking of Bezos’ Instagram, his profile also doesn’t have Amazon as the primary website, but instead his aerospace company, Blue Origin.
Who will take charge of Amazon?
With Jeff Bezos out of the picture as CEO of Amazon, someone new from within the company is taking that position.
Andy Jassy, Amazon’s newest CEO, isn’t a new face to the company. In fact, Jassy has been an integral part of the company since 1997, the same year the company went public.
Jassy ended up becoming the lead man behind Amazon Web Services (AWS) which has become one of the largest server providers in the United States.
“Andy Jassy stepping into the CEO role at Amazon is a natural fit,” said Tim Hubbard, assistant professor at the University of Notre Dame’s Mendoza College of Business. “Amazon Web Services is a powerhouse within the company, driving a lot of profitability. The transition may indicate that for the core of the company, it’s going to continue down the path it’s going.”
How have people responded to his retirement?
While retirement isn’t the easiest thing to do, it certainly becomes a lot easier when you are walking away with US$197 billion.
On top of that, Bezos reached a whopping US$211 billion net worth overnight after the company’s shares jumped nearly 5% when the Pentagon announced that it was canceling its cloud-computing contract with Amazon’s rival Microsoft Corp.
According to Business Insider, Bezos is retiring at 57 with a net worth that is 739,489 times the median American’s retirement wealth.
Bezos has often been criticized for his tremendous wealth. His current aspirations for going to space have also left many feeling like he doesn’t care about Amazon workers.
A recent petition on Change.org has been widely circulated that has seen people suggest that Bezos should just “stay in space.”
What comes next?
When Bezos was announcing his retirement, he first listed his two philanthropic organizations when talking about what he know wanted to focus on.
Bezos stated how important Amazon was to him, but he also wanted to “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. 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.”
As Bezos transitions into his future, so will Jassy as Amazon’s newest CEO.
But, so far, it looks as if Wall Street is looking forward to the new CEO as Amazon’s stock rose 0.42% today as Jessy takes the reins of a trillion-dollar company.
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