Amazon live updates – Jeff Bezos officially stepping down as CEO TODAY as Andy Jassy takes over ahead of rocket launch

AMAZON CEO Jeff Bezos is officially stepping down from his role with the company today.

Bezos is handing the reins to Andy Jassy, who previously ran Amazon’s cloud-computing business.

Earlier this year, Bezos said he planned to focus on new products and early initiatives being developed at Amazon.

He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives, and overseeing The Washington Post, which he owns.

Bezos, who is the company’s biggest shareholder, will still have broad influence over Amazon.

The move comes ahead of his trip to space on Blue Origin's launch on July 20.

Read our Jeff Bezos live blog for all the latest news and updates…

 

  • Julia Fields

    BEZOS SET TO GO TO SPACE ON JULY 20

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    A post shared by Jeff Bezos (@jeffbezos)

  • Julia Fields

    WHAT IS MACKENZIE SCOTT'S NET WORTH?

    After 25 years of marriage as well as a trial separation the couple decided to split amicably in January 2019.

    On April 4, the pair settled their divorce, with Scott retaining a four percent $36billion stake in Amazon.

    According to Forbes, Scott has an estimated $53billion net worth.

    She is currently the fourth-wealthiest woman in the world – and the 20th-wealthiest individual overall.

  • Julia Fields

    27 YEARS SINCE THE FOUNDING OF AMAZON

    Today, Jeff Bezos steps down from being the CEO of Amazon.

    Today also marks the 27th anniversary of the company's founding.

  • Julia Fields

    DOES JEFF BEZOS HAVE CHILDREN?

    The couple has four children together and were described by a family friend as "such a normal, close-knit family, it's almost abnormal".

    Until 2013, Scott drove their kids to school in a Honda minivan before dropping her ex-husband off at work.

    Between 1993 and 1999, the couple lived together in a one-bedroom rental house in Seattle.

    The Bezos family adhered to a normal routine, with dad Jeff starting the day with a healthy breakfast with his family.

  • Julia Fields

    SCOTT VOWS TO GIVE AWAY HALF OF FORTUNE

    After their divorce, the 50-year-old vowed to give away at least half of her fortune.

    She said: “I have a disproportionate amount of money to share.”

    She signed up for the Giving Pledge, which encourages the world’s richest people to help good causes.

    Novelist Scott added: “I will keep at it until the safe is empty.”

    In 2020, Scott was named one of Time Magazine's 100 most influential people of the year.

  • Julia Fields

    WHO IS MACKENZIE SCOTT?

    Scott was born on April 7, 1970, in San Francisco, California.

    Scott was an assistant to Toni Morrison while at Princeton University in New Jersey and is now a novelist.

    She has referred to her ex-husband Jeff as her "best reader".

    Bezos would reportedly often drop other plans to read and carefully review manuscripts of her first novel.

  • Julia Fields

    AMAZON'S FIRST WEB PAGE

  • Julia Fields

    WHEN WAS AMAZON FOUNDED?

    Bezos wrote down the business plan for Amazon during a cross-country drive from New York to Seattle in 1994.

    He initially set up the company in his garage after leaving his job at the hedge fund.

    In May 2016, Bezos sold slightly more than one million shares of his holdings in the company for $671million.

    On August 4, 2016, he sold one million of his shares at a value of $756.7million.

  • Julia Fields

    IS JEFF BEZOS THE RICHEST MAN IN THE WORLD?

    It is believed he became the world's wealthiest man in 2018, unseating Microsoft founder Bill Gates.

    He also became the richest man in history when his net worth reached $105.5billion.

    It made him the first person to amass a 12-digit fortune since Gates, who has given more than $60billion to charity, achieved the feat in 1999.

  • Julia Fields

    BEZOS' LETTER TO EMPLOYEES IN FEBURARY

    "This journey began some 27 years ago. Amazon was only an idea, and it had no name," Bezos wrote letter to employees in February.

    "The question I was asked most frequently at that time was, 'What's the internet?' … 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."

  • Julia Fields

    BEZOS SET TO BE A TRILLIONAIRE IN 2026

    Using data from the last five years of the Forbes Rich List, Comparisun worked out that Bezos' annual growth rate will make him a trillionaire in 2026 – when he is 62 years old.

    The Amazon founder, who owns about 16 percent of the business' shares, was first featured in the Forbes rich list in 1998.

    He also owns a staggering amount of property, including a ranch with a space station.

  • Julia Fields

    BEZOS WILL 'LIKELY STILL STAY INVOLVED'

    Daniel Elman, global technology analyst at market research firm Nucleus Research, spoke about how Bezos new role will affect his influence in the company.

    "He'll likely still stay involved, though no longer focusing on the day-to-day and instead able to focus on company-wide initiatives and new products and services."

    "His skills for cutting through noise identifying high-value opportunities cannot be overstated … so it would make sense for Amazon to free him from the operational grind to maximize those areas."

  • Julia Fields

    WHAT IS JEFF BEZOS' NET WORTH?

    Jeff Bezos is estimated to be worth over $140billion and is on track to becoming the world's first trillionaire.

    While the financial future looks bleak for many during the coronavirus crisis, it has never looked better for Bezos who has become even richer during the pandemic.

    Amazon is now worth $1.1trillion with its shares hitting an all-time high in April of 2020.

    It helped Bezos see his fortune grow by another $6.4billion.

  • Julia Fields

    ANDY HAS JEFF'S 'FULL CONFIDENCE'

    In a letter to employees announcing the move, Bezos said: “I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO.

    “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."

    Bezos added: "He will be an outstanding leader, and he has my full confidence.”

  • Julia Fields

    NEW CEO

    Andy Jassy will be the next CEO of Amazon after Bezos stepped down from the role today.

    Jassy joined the company in 1997 and has led Amazon’s Web Services cloud team.

  • Julia Fields

    WHO IS JEFF BEZOS?

    Jeff Bezos is the founder and former CEO of online marketplace Amazon.

    The businessman studied electrical engineering and computer science at Princeton University before working on Wall Street.

    In 1994, Bezos, 56, founded Amazon from a garage – five years later he was named Time magazine's person of the year.

    As well as Amazon the tech giant is the founder of Blue Origin, a company working to develop commercial space travel.

    He also owns the Washington Post and is a volunteer firefighter.

    Bezos is a massive Star Trek fan and had a cameo in the last movie, playing an alien Starfleet official.

  • Julia Fields

    CEO TO EXECUTIVE CHAIR

    Amazon announced in February that Bezos would begin his transition from CEO to executive chair to focus on other ventures.

  • Julia Fields

    JEFF BEZOS STEPS DOWN AS CEO OF AMAZON

    Amazon founder Jeff Bezos has officially stepped down as the CEO today.

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