Amazon founder, Jeff Bezos will be stepping down as the e-commerce giant’s CEO after spending nearly 30 years in the position.
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Bezos started Amazon in his garage 30 years ago as an online book store and will now take on the role of executive chairman in order to focus on other projects.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else,” Mr Bezos said in a letter to Amazon staff on Tuesday, according to BBC.
“As Exec Chair 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.”
“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,” he added.
Bezos will be replaced by Andy Jassy, who currently leads Amazon’s cloud computing business.
Jeff Bezos has taken Amazon from an online book store in the early era of dial-up Internet and transformed it into a business that employs 1.3 million people, worldwide. His personal fortune stands at $182.1 billion and he is the richest man in the world, having briefly been overtaken by Tesla founder, Elon Musk.