Amazon founder Jeff Bezos to step down

Amazon founder Jeff Bezos to step down

Amazon online retailer founder and the world’s richest man, Jeff Bezos, will step down as CEO in 2021.

The company said Bezos will become CEO in the third quarter of this year, which begins July 1. Andy Yassi, CEO of Amazon Web Services, will take over as Amazon’s CEO.

In a memo to employees, Bezos said the transition will give him “the time and energy I need to focus on the Day 1 Foundation, the Bezos Earth Foundation, Blue Origin, The Washington Post and my other passions.”

Amazon reported record growth Tuesday, including a 38 percent increase in net sales from 2019, which brought in $21 billion in revenue – nearly double the year before. Investors weren’t confused by the news, either, as Amazon’s stock price rose about 1.5 percent after the announcement of Bezos’ departure, NBCNews reported.

Bezos is leaving when his market value of Amazon is hovering around $1.7 trillion, making it one of the most expensive companies in the world.

Last July, Jeff Bezos’ ex-wife became the richest American woman. Mackenzie Bezos overtook Wallmart founder Alice Walton’s daughter on the list of richest women in the United States.