Jeff Bezos to step down as CEO of Amazon
Written by on February 3, 2021
Amazon announced Tuesday that founder Jeff Bezos will step down from his position as CEO. The 57-year-old Bezos will transition to the role of executive chair in the third quarter of 2021; Andy Jassy, CEO of Amazon Web Services, will be the company’s new chief executive, the company said.
Bezos said in a letter to Amazon employees,, “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.”
Bezos founded Amazon in 1994, expanding into a massive online retail platform worth $1 trillion by 2018. Tuesday’s announcement came as the Federal Trade Commission voted to approve an agreement in which Amazon would pay $61.7 million to settle allegations it failed to pay Flex delivery drivers their full tips.
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