When a company run by a brilliant chief becomes the industry's global leader and demonstrates strong earnings results, it is possible to think about delegation. This is exactly what Amazon’s founder Jeff Bezos did.
The richest person in the world decided to step down as chief executive of the e-commerce giant and become its executive chairman. This is a serious change in the management of the largest online retailer. The company announced it in advance so that the news would come as no surprise to market participants and investors. Bezos is set to leave the post of CEO on July 5, giving way to Andy Jassy who currently leads Amazon Web Services.
“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 Bezos said in a letter to employees. At the same time, he will stay engaged in such important projects as the Bezos Earth Fund, the Blue Origin spaceship company, The Washington Post, and the Amazon Day 1 Fund.
So far, this news has not affected the value of the company's shares and the financial status of the world's wealthiest person. Notably, Bezos sold $6.7 billion worth of Amazon stock amid plans to leave office. In 2020, he made $9 billion on securities.
