Author : Damini Chandankar
The world's most wealthiest individual (based on his Amazon stake), Jeff Bezos is about to shift to the role of an executive chair in the third quarter, giving away the CEO role to Andy Jassy, who heads Amazon Web Services.
The news came as Amazon revealed a blowout holiday quarter with profits dramatically increasing to $7.2 billion and revenue jumping 44 percent to $125.6 billion - as pandemic lockdowns made online sales expand around the world.
Bezos said he would stay occupied with significant Amazon activities yet would pivot towards charitable activities, including his Day One Fund and Bezos Earth Fund, and other undertakings in space journalism and exploring. His different organizations incorporate The Washington Post newspaper and the private space firm Blue Origin.
His replacement Jassy joined Amazon as a marketing manager in 1997 and in 2003 established AWS, the cloud administrations division of the organization which has been perhaps the most productive however least-known units of the tech giant.
Amazon has boosted sales during the pandemic through superior logistics network, yet in addition, faces growing competition. Amazon welcomes the administration change, if only because it will allow Jeff Bezos to focus more on innovation and new ideas, which will give the fuel to control the driving force of future growth.