Amazon’s Jeff Bezos to step down as CEO

Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon's cloud-computing business

Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he's had for nearly 30 years, to become executive chairman, the company announced Tuesday.

Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon's cloud-computing business.

In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.

Bezos, who is the company's biggest shareholder, will still have broad influence over Amazon.

“Jeff is really not going anywhere," Amazon's Chief Financial Officer Brian Olsavsky said in a call with reporters. “It's more of a restructuring of who's doing what."

Launched in 1995, Amazon was a pioneer of fast, free shipping that won over millions of shoppers who used the site to buy diapers, TVs and just about anything else. Under Bezos, Amazon also launched the first e-reader that gained mass acceptance, and its Echo listening device made voice assistants a common sight in living rooms.

As a child, Bezos was intrigued by computers and interested in building things, such as alarms he rigged in his parents' home. He got a degree in electrical engineering and computer science at Princeton University, and then worked at several Wall Street companies.

He quit his job at D.E. Shaw to start an online retail business--though at first he wasn't sure what to sell. Bezos quickly determined that an online bookstore would resonate with consumers. He and his now ex-wife, MacKenzie Scott, whom he met at D.E. Shaw and married in 1993, set out on a road trip to Seattle--- a city chosen for its abundance of tech talent and proximity to a large book distributor in Roseburg, Oregon.

While Scott drove, Bezos wrote up the business plan for what would become Amazon.com. Bezos convinced his parents and some friends to invest in the idea, and Amazon began operating out of the Bezos' Seattle garage on July 16, 1995.

Amazon has gone far beyond selling paperbacks. It now produces movies, makes sofas, owns a grocery chain and even has plans to send satellites into space to beam internet service to earth. The company is one of the most valuable in the world, worth nearly $1.7 trillion.

During the pandemic, Amazon was one of the few retailers to benefit as shoppers stayed clear of malls and shopped from their phones. On the same day Amazon announced Bezos would step down, the company reported making a record profit in the last three months of 2020, and its quarterly revenue shot past $100 billion for the first time.

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