The CEO of Amazon Jeff Bezos will hand over his executive post to Andy Jassy in the third quarter of this year

Jeff Bezos has led Amazon since its start as an online bookshop in 1994. But now the company has more than 1.2 million employees working all over the world. Jeff Bezos had transformed his character from niche second-hand bookseller to global jack of all trade. But recently, Elson Musk became the world’s richest man by crossing the net worth of Jeff Bezos by a billion-dollar. Now Jeff Bezos has made a big announcement of transferring the executive post to Andy Jassy maybe in the third quarter of this year. But this does not mean that he is diverting his focus to something else. His focus will always be on the company’s progress as he announced that he will be focusing on the new products policies and initiatives.

As Jeff Bezos said about Andy that he is a great leader. Jeff Bezos further said that about 27 years ago when Amazon was just an idea and had no name, and people every time asked about what the internet is. How can you sell your product online? Today Amazon has served millions of customers and many businesses, and this company is globally recognized as the most successful company.

But now after some big announcement regarding Amazon, this put some negative impact on the shares of the company as the investor may now not be interested in buying the shares of the company or dealing with the company after Jeff Bezos news of stepping down from the seat of the executive.

Amazon’s earnings per share could not meet the desired result in the last quarter of the year 2020. It is possible that after the exit of Mr. Bezos from the executive chair, the share price of the company may go down this year.

Amazon worked at a peak in the year 2020 with revenue earning of more than 125 billion dollars, which was more than expected and per earning of the share also went doubled. Andy after leading Amazon Web Service is a leader in the cloud computing space. He led AWS successfully as its revenue increased from 9.95 billion dollars to 12.74 billion dollars in the fourth quarter of the year 2020. The operating income of AWS also increased in the recent quarter.

Jeff Bezos wants to devote his attention now to the Bezos Earth Fund, Blue origin, The Washington Post, and his other passions, and hobbies. Blue Origin has also achieved a lot until now with its New Shepard vehicle launch, and currently, it is developing a human lunar landing system for NASA. Jeff Bezos said about Blue origin that he is doing the most important work in Blue origin.

Photo: MANDEL NGAN / AFP / Getty Images

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