It’s an end of an era for Jeff Bezos, who, on Tuesday, announced he will resign as CEO of Amazon and become its executive chairman, reports Bloomberg. Bezos resignation comes when Amazon faces criticism from disgruntled merchants, unfair competition from overseas sellers, and mistreatment of blue-collar workforce.
- Bezos, now 57, founded and led Amazon for 25 years, having rescued the company from the internet bust by formulating new inventions such as the Kindle, Amazon Prime, and AWS.
- Analysts feel Bezos resignation is natural and inevitable as Amazon’s various assets have collided for some time and becoming increasingly difficult for the founder.
- Analysts also point out that Bezos may have been driven by the desire to step down by a lack of another satisfying endeavor, having just hit $100 billion in quarterly sales for the first time.
- Bezos resignation comes in the wake of regulatory challenges facing Amazon as several U.S states and the Federal Trade Commission are investigating the e-commerce giant.
- Amazon’s next CEO, Andy Jassy, is seen as an accomplished and disciplined leader who performs well in the spotlight and presents a humbler target for Amazon’s political opponents.
- Jassy was Bezos’s first “shadow” or technical assistant at Amazon and has steered Amazon Web Services to $50 billion annual sales.
- Jassy has internalized Bezos’s operating philosophy, customer obsession, long-term thinking, and the need for constant self-scrutiny and change.
- Bezos intends to stay active in Amazon and will focus his energy and attention on new products and early initiatives.
Amazon stock is currently gaining. AMZN: NASDAQ is up 2.37% on premarket.