Why Is Jeff Bezos Stepping Down From Amazon?
Jeff Bezos Instagram
If you’re an avid user of online shopping websites, then you have come across the name ‘Amazon’. Amazon is the largest online shopping platform in the world and its CEO, Jeff Bezos is stepping down.
In case you don’t know, Jeff Bezos founded Amazon way back in the year 1994, as an online bookstore.
But, over the years, it grew from just a book store to a massive conglomerate of online services. But, why is Jeff Bezos stepping down? Let’s find out,
The reason for which Jeff Bezos stepping down from Amazon
One of the main reasons for stepping down is because the job of being the CEO of Amazon is indeed time & energy-consuming.
In his words, he describes the job of CEO is a very deep responsibility and it consumes a lot of his mental & physical well-being.
Due to such responsibility and pressure, it’s quite difficult for him to put focus on something else.
However, by stepping down as the CEO and being the executive chairman of Amazon, Jeff Bezos will be able to oversee the essential initiatives of Amazon while also have enough time to spend on other objectives.
The objectives include focusing on side projects of Amazon such as Blue Origin, Day 1 Fund, The Washington Post, Bezos Earth Fund, and the like.
Furthermore, Jeff Bezos will be able to dedicate more time to his family. Jeff Bezos’s children consist of three sons and one adopted daughter. He divorced his wife, MacKenzie Tuttle, in 2019.
New CEO of Amazon
In place of Jeff Bezos, Andy Jassy would become the CEO of Amazon. The reason why Jeff Bezos chose 5th July 2021 as his stepping-down date is because of the sentimental reasons the company holds for him. It’s the same date, 27 years ago, when Amazon was incorporated.
FAQ
How much does Jeff Bezos make as CEO of Amazon?
- As a CEO of Amazon, Jeff Bezos made more than $200 billion. As of the current date, he is the richest man on earth.
How much did Jeff Bezos reach on 14th May 2021?
- As of the date 14th May 2021, Jeff Bezos reached a total net worth of $177 billion.
In how many years Jeff Bezos became the first trillion?
- Jeff Bezos didn’t reach a trillion valuation or net worth.
- His net worth is around $200 billion.
- However, his company Amazon reached a $1 trillion valuation in February of 2020, which is roughly 26 years after Amazon was incorporated in July of 1994.
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Conclusion
After Jeff Bezos stepping down, Amazon will continue to face new challenges in various emerging markets such as India, where the new e-commerce rules & regulations will affect Amazon’s operations.
Besides, the US FTC will also make certain investigations of Amazon’s takeover of MGM Studios, which is one of the most popular Hollywood studios out there.
Amazon wants to compete with Disney & Netflix with such an acquisition.
Lastly, Amazon was also questioned about the working conditions of its employees. Thus, the burden lies on Andy Jassy to overcome such challenges.
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