Bezos released a memo to employees that he will be stepping down as the CEO of Amazon. A company that he started 27-years ago in his home as an online bookstore, Amazon now has a net value of $1.7 trillion dollars.
Amazon’s chief executive of Amazon Web Services, Andy Jassy, will replace Bezos as CEO. Jassy has been employed with Amazon since 1997 and has built the company’s cloud business that has moved to manage various options that accounts for 60 percent of Amazon’s operating profit.
Maintaining a position with Amazon as the executive chairman, Bezos wrote in the memo to employees that he will be focusing more of his other passions, “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.”