Jeff Bezos isn’t going to stray very far after stepping down as Amazon CEO — but will remain involved in major decisions at the company as executive chairman.
May 27, 2021 | AtoZ Markets – The founder and CEO of Amazon, Jeff Bezos, will step down as the company's chief executive officer on July 5, when the transfer to his successor, Andy Jassy, will be made official.
In a virtual speech during the company's annual shareholders meeting, Bezos explained that the choice of that date has “sentimental value” for him since on July 5, 1994, Amazon was formally incorporated as a company.
In early 2021, the executive announced that in the summer he would step down as CEO of the company and that he would be replaced by Jassy, who has led the lucrative Amazon Web Services (AWS) cloud computing business for the past few years.
Bezos isn’t going to stray very far after stepping down as Amazon CEO — but will remain involved in major decisions at the company as executive chairman.
Thus, he will have more time, as he himself indicated, to focus on philanthropic initiatives and on the management of his other companies, Blue Origin and The Washington Post newspaper.
The richest man in the world, according to Forbes, sold 739,000 shares in the e-commerce company in early May, according to public documents filed by the company with the US Securities and Exchange Commission (SEC).
The shares sold represent only a small fraction of the total that Bezos continues to control, estimated at 52.4 million shares, representing more than 10% of the company's ownership.
Forbes indicates that Bezos' fortune is $177,000 million, practically all made up of Amazon shares.
The coronavirus pandemic and the consequent restrictions on mobility and economic activity have increased e-commerce sales around the world, which in turn has skyrocketed Amazon's profits to triple the figures of just a year ago.
In parallel, the value of the company's shares on the stock market has practically doubled, which has further increased the immense fortune of its founder.
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