Why Jeff Bezos stepping down as Amazon CEO: As we know that Amazon announced on Tuesday that founder Jeff Bezos will step down as CEO in the 1/3 quarter of this year and transition to executive chair of the company’s board.

Why Jeff Bezos stepping down as Amazon CEO

The massive picture: Bezos will be changed with the aid of Amazon Web Services chief Andy Jassy, who heads the booming cloud enterprise division.

Why it matters, via Axios’ Sara Fischer: Jassy’s advertising shows how necessary Amazon’s booming cloud enterprise has become.

What he is saying: “Amazon is what it is because of invention. We do loopy matters together and then make them normal,” Bezos said in a statement. “If you do it right, a few years after a shocking invention, the new component has come to be normal.

“People yawn. That yawn is the greatest praise an inventor can receive. … Right now I see Amazon at its most innovative ever, making it an optimum time for this transition.”

By the numbers: Amazon also announced internet sales increasing to $125.6 billion in the fourth quarter, compared to $84.4 billion in the fourth quarter of 2019, and internet income in 2020 accelerated to $386.1 billion compared to $280.5 billion in 2019.

Our thought bubble, via Axios’ Felix Salmon: The position of government chairman is designed to supply the holder electricity barring accountability. Don’t count on Bezos to step again from Amazon when it comes to something strategically important.

Between the lines: Bezos has spent an growing share of his time and money on non-Amazon interests in recent years, including philanthropy, his non-public space firm Blue Origin and the Washington Post, which he bought in 2013, Axios’ Kyle Daly writes.

In an e-mail to employees, he stated that as executive chair, he will “stay engaged in necessary Amazon initiatives however additionally have the time and strength I want to focal point on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my different passions.”

Yes, but: Amazon is mired in regulatory battles round the world, with governments more and more skeptical about its measurement and power, and a Democratic-controlled Congress is keen to act.

  1. Earlier Tuesday, Amazon was once fined $62 million for allegedly stiffing shipping drivers.

Leave a comment