The founder and CEO of one of the most profitable companies of the modern world, Amazon, Jeff Bezos has stepped down from the historic term as Chief Executive Officer. The man who founded Amazon in the year 1994, upgrading it from an online book store into a multi-faceted behemoth of e-commerce, cloud computing, media streaming, and other industries, is wrapping up more than two years of profound legacy. However, this is not the end for the second richest man in the world. Jeff Bezos will keep serving the company, not as a CEO but as the Executive Chair of the Amazon Board and this only makes him more powerful.
Stepping down from the CEO of the company that is always under the surveillance of the authorities and the world means that Bezos will no longer be in the limelight of media scrutiny. That allows him to make formidable use of $200 billion in his net worth and hardly anyone asks questions. Further, being the sole largest shareholder of Amazon means a manifold increase in his wealth every time the company grows. Being Executive Chair of the Amazon Board also gives Bezos the power to dictate the new CEO.
The road only gets better for Bezos from here!
Jeff Bezos formally announced his decision to step down from one of the most powerful positions in the entire Silicon Valley on July 5. The decision comes as an effort to spend more time on his other ventures like Blue Origin, Day 1 Fund, and philanthropy that have been neglected for years due to the expansion of Amazon.
What’s next for Jeff Bezos?
Unlike Google and Facebook which are struggling with the headwind of the data privacy regulations, Amazon is a real business. However, with the money of sorts of Jeff Bezos and the power that the world’s richest man holds, constant scrutiny and regulations come naturally. The Amazon founder had been labeled as the self-absorbed, mercenary businessman by people and authorities likewise. The hatred and criticism paced up, especially after the news broke out that Bezos soon might become the first trillionaire of the world.
Earlier, a similar denunciation was faced by Bill Gates when Microsoft’s founder was also the CEO of the company.
This time it’s Bezos who has got a lot to do after stepping down from the poster chair of Amazon. Here are the spurs Jeff said he will commit his time to.
Jeff Bezos Earth Fund: Last year, Bezos consented $10 billion to fund activists, scientists and nonprofits, and distinct organizations battling to conserve the environment and decrease the consequences of climate alteration. He proclaimed the first 16 recipients, of an aggregate of $791 million in mandates, in November.
Day 1 Fund: This endeavor started in September 2018 to finance nonprofits that help homeless folks and establish a hierarchy of new, non-profit, tier-one pre-kindergarten and preschool in low-income societies.
Blue Origin: Jeff Bezos’ space corporation, which takes space exploration one notch higher by making reusable spacecraft. The organization is presently experimenting with rocket systems, as well as a moon lander which is called Blue Moon, planned for its first take-off in 2024.
Bezos is now setting off for a space excursion on Blue Origin’s New Shephard rocket for a 11 minute ride to the space. The Amazon Founder would be the first billionaire and businessman in the world to go to space.
Blue Origin plausibly is the most intriguing as it clenches the prospects to compete with Elon Musk’s SpaceX and leverage the next journey of NASA to the moon. Blue Origin was inaugurated by Jeff Bezos in 2000 and since then has done an amount of valuable work in the consumer space region.
Meet Andy Jassy, the man who is taking over Jeff Bezos
One of the most successful wings of the Amazon group of businesses is Amazon Web Service (AWS). In Q3 of 2020, AWS constituted 67% of Amazon’s total revenue. Notably, Jassy Andy was the CEO of the AWS wing of Amazon so far.
As a measure to expand the outreach of AWS, the move to make Andy Jassy the CEO of the company can work wonders. Andy Jassy is the person who built AWS from scratch in the year 2006 and is responsible for the skyrocketing success of the company. Andy keeps a lower profile but is widely credited for being one of the biggest confidants of Jeff Bezos since the initial years of the inception of the company.
The new CEO joined the company in the year 1997 and went to amplify its technological assistance, soaring through the decks until he became a member of Mr. Bezos’s honored circle of leaders, comprehended as the ‘S-team’. Andy has spent most of his work life at Amazon, formerly he was toiling as a “shadow” of Jeff Bezos, similar to chief of staff, before holding the steering of Amazon Web Services, which permits companies to rent server space in the cloud, instead of running their servers.
Andy Jassy has led the company’s web services unit and is largely being dubbed as the best bet to replace Jeff Bezos.