Amazon CEO Jeff Bezos to Step Down, Andy Chassy to Take CEO Mantle in Q3

Posted on 02/02/2021, Inc. CEO Jeff Bezos will step down later this year. Long-time Amazon employee Andy Jassy (Andrew R. Jassy) will become CEO of Amazon in the third quarter. Bezos will tranisition to Executive Chairman of Amazon. Jeff Bezos founded Amazon in 1994. Bezos will stay engaged in important Amazon projects but will also have more time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post, and the Amazon Day 1 Fund.

Andy Jassy joined Amazon in 1997 and has led Amazon’s Web Services cloud team since its inception. Amazon Web Services (AWS) continues to drive much of Amazon’s profit. About 52% of Amazon’s operating income was attributed to AWS as of October 2020.

Amazon recently posted its first US$ 100 billion quarter.

Labor Housing

Amazon announced a new Housing Equity Fund, a US$ 2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Virginia; and Nashville, Tennessee. The Fund provides below-market loans and grants to housing partners, public agencies, and minority-led organizations. It started with initial investments totaling US$ 567 million for 2,300 affordable apartment homes.

Keywords: Bezos Expeditions. NASDAQ: AMZN.

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