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Jeff Bezos: Amazon CEO to step down

Jeff Bezos is to step down as the chief executive officer of Amazon, the firm has announced.

The billionaire will be replaced by replaced by Amazon Web Services CEO Andy Jassy sometime in the third quarter of this year.

Mr Bezos told employees in a letter that he now wanted to concentrate on the “Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post.”

Mr Bezos, who is the world’s richest man  on the Forbes Real Time Billionaires list with a personal wealth of $196.5bn, will transition to executive chairman of the Amazon board.

He ha been CEO of the company since he founded it as an online book seller in 1995 and oversaw its spectacular growth as a $1.7 trillion global retailer.

 “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives,” he wrote in a letter to Amazon employees.

“Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”

The news came as part of the company’s fourth-quarter earnings report and Mr Bezos insisted in the letter that he was not planning on retiring from business.

He also explained some of. things that he would concentrate on away from the day-to-day running of the company, which reported revenue of $96.1bn in the third quarter of 2020.

“As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions,” he wrote.

“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organisations can have.”

“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,” he said.