BREAKING – Jeff Bezos to step down as Amazon’s CEO

In a dramatic and unprecedented development, Amazon CEO Jeff Bezos is going to step down from his position at the multi-billion dollar company after more than a quarter century of leadership at Amazon. He will hold the title of Executive Chairman and remain the largest shareholder in the company.

Jeff has been at Amazon for much of its existence and is responsible for getting Amazon to number 1 positions in not only retail but also in the cloud solutions provider segment. The new CEO of the company will be Andy Jassy who previously handled the lucrative cloud computing division of the company.

A similar transition occurred in Microsoft when Steve Ballmer stepped down and Satya took the reins. Satya had previously been heading the cloud enterprise group of the Redmond based company. The transition at Amazon shows that the Silicon Valley sees immense potential in Cloud Computing and enterprise side. The aim further could be to cash-in even more in these segments.

In a letter to employees, Jeff said:

I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.

Jeff will be spearheading and focusing on other companies such as the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post.

Jeff Bezos net worth is currently a staggering $196.2B and is the richest man in the world.

Source: About Amazon.