Bezos, who founded the firm almost 30 years ago, will be replaced by Andy Jassy. The 57-year-old Amazon CEO is worth almost $200 billion and wants to focus more on other projects, such as his media and space programs.
Bezos took Amazon from online book discounter to one of the major modern 'Big Tech' beastsImage: picture-alliance/AP Photo/T. S. Warren
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Amazon said Tuesday that Jeff Bezos is stepping down as CEO later this year, a role he's had since he founded the firm almost 30 years ago.
The online company said he'll be replaced in the fall of 2021 by Andy Jassy, who currently runs Amazon's cloud business.
Once he relinquishes his position, Bezos will become the Seattle based firm's executive chairman.
Who is Andy Jassy?
Jassy joined Amazon just days after his final MBA exam at Harvard Business School in 1997.
Jassy, 53, joined Amazon in 1997 and has overseen its fast-growing cloud computing businessImage: Patrick Fallon/ZUMA Wire/picture alliance
Although Amazon is best known for its e-commerce, the US tech giant's web services division (AWS) has become the world's dominant cloud provider, with Jassy at the helm since he founded the platform in 2006.
Industry analysts have estimated that revenue generated by AWS will reach $71 billion (€59 billion) in 2022, which would give the division a valuation of about $350 billion.
Elon Musk surpasses Jeff Bezos to become world's richest person
Tesla CEO's wealth has soared over the past year thanks to a meteoric rise in the electric vehicle maker's market value. Musk is not the only billionaire adding to his riches during the COVID-19 pandemic.
Image: Britta Pedersen/AFP
World's richest person
Elon Musk's Tesla produces cars, but on the stock exchange, it gets treated like a tech high flier. Musk's firm has profited from the market hype around tech stocks during the pandemic and from investors betting on a greener future. The South African-born entrepreneur has overtaken Amazon's Jeff Bezos as the world's richest person with a total worth of $195 billion (€160 billion).
Image: Getty Images/M. Hitij
How rich can you get?
Amazon founder Jeff Bezos (pictured with his girlfriend Lauren Sanchez in front of the Taj Mahal) is in a class of his own. His e-commerce company has done brisk business during the pandemic, pushing Amazon shares to new records. Bezos, who is worth $185 billion, would have remained the world's richest person had it not been for a $38 billion divorce settlement in 2019.
Image: Pawan Sharma/AFP/Getty Images
Zooming in on Yuan
The growing number of people working from home during the pandemic is a big boon for Eric Yuan. The founder of Zoom moved from China to the US when he was 27-years-old. After some years with rival WebEx, he launched his own video communications platform, with Zoom going public in 2019. Since the coronavirus crisis, shares have exploded. Yuan is estimated to own some $17 billion.
Image: Kena Betancur/Getty Images
Fit for success
Distancing rules and closed workout studios have played into the hands of John Foley. Back in 2013, he was still touting his connected workout equipment at Kickstarter. Today, people are willing to spend a lot on Peloton's at-home gym equipment. The company's shares have tripled during the pandemic, unexpectedly turning the almost 50-year-old Foley into a billionaire.
Image: Mark Lennihan/AP Photo/picture alliance
Conquering the whole world
Shopify enables traders to create their own online shops — a concept developed by Tobias Lütke. Born in Koblenz, Germany, he emigrated to Canada in 2002 and started out in a garage like so many other North Americans. Meanwhile, Shopify is Canada's most valuable enterprise, with its share price having doubled since March. Forbes magazine says 39-year-old Lütke is worth some $10 billion.
Image: Wikipedia/Union Eleven
Billionaire overnight
As early as January this year, Ugur Sahin started backing the right horse by working on a COVID-19 vaccine. The drug developed by his Germany-based company BioNTech could soon secure medical approval. The vaccine has pushed Sahin, who hails from Turkey, into the public spotlight and made him super-rich. The value of the shares he holds is estimated to be $5 billion.
Image: BIONTECH/AFP
Ingredients for success
Food services company HelloFresh is booming. Profits have more than tripled during the pandemic, figures from the latest quarterly earnings report showed in early November. Co-founder and shareholder Dominik Richter has been making the most of restaurants being closed. He's not quite in the same league as the richest pandemic profiteers, but he's got the right ingredients to catch up with them.
Image: Bernd Kammerer/picture-alliance
Amazon one more time
Jeff Bezos isn't the only one who's grown even richer through Amazon. Thanks to the shares she owns, Bezos' ex-wife MacKenzie Scott hit it big and climbed to top spot on the world's richest women list. She's estimated to be worth some $56 billion and obviously happened to be with the right partner at the right time.
Image: Dennis Tan Tine/Star Max//AP/picture alliance
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From online bookstore to outer space
Bezos said he intends to concentrate more on his philanthropic work, as well as space and media projects.
"I've never had more energy, and this isn't about retiring," Bezos said in a letter to employees.
The 57-year-old founded Amazon as an online bookstore and turned it into a behemoth that sells anything from spark plugs to cuddly toys. In the process, he became one of the world's richest people, with Amazon Prime also expanding into the online streaming of movies, series and live sports.
And Bezos said his decision to step down as CEO was based in part on his desire to focus on Blue Origin, the company which aims to make access to space cheaper and more reliable through reusable launch vehicles.
"As Exec Chair," his letter continued, "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."
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Switch of focus
While the Bezos Earth Fund initiative has been applauded by many for its efforts to combat climate change, critics have questioned Amazon's support for oil and gas businesses.
In 2013, Bezos acquired US daily The Washington Post for $250 million (€208 million at today's exchange rate) but until now has largely been viewed as a hands-off owner.
Bezos, who is the Amazon's biggest shareholder, will still have big influence over the tech firm.
"Jeff is really not going anywhere," Amazon executive Brian Olsavsky said in a call with reporters. "It's more of a restructuring of who's doing what."
Bezos, who is worth $185 billion, was the world's richest person until a $38 billion divorce settlement in 2019 saw Elon Musk usurp him.
