Amazon founder Bezos steps down as its CEO
As executive chair, he now will focus on new products
NEW YORK — Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic.
Andy Jassy, who ran Amazon’s cloud-computing business, replaced Bezos, a change the company announced in February.
Bezos, Amazon’s biggest shareholder with a stake worth about $180 billion, will still hold sway over the company he started out of his Seattle garage in 1995. He takes over the role of executive chair, with plans to focus on new products.
Jassy takes the helm of a $1.7 trillion company that benefited greatly from the pandemic, more than tripling its profits in first quarter of 2021 and posting record revenue as customers grew ever more dependent on online shopping.
At the same time, Amazon faces activism from a restive workforce just as a rapid economic recovery causes a labor crunch that has retailers, manufacturers and other companies competing for workers with higher wages and other benefits. The company defeated an attempt by workers to unionize at an Alabama warehouse earlier this year, but faces a more formidable challenge as the International Brotherhood of Teamsters launches a broader effort to unionize workers.
In a blog post to employees earlier this year, Bezos said he planned to devote more time to side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.
Bezos founded Amazon as an online bookstore and built it into a shopping and entertainment empire that is the second-largest private employer in the U.S., behind Walmart. Amazon now makes movies and sofas, owns a grocery chain and has plans to send satellites into space to beam internet service to Earth.