Jeff Bezos, the founder and CEO of e-commerce colossus Amazon, surprisingly announced Tuesday that he would step down from his role and transition to executive chair of the company. The announcement came as Amazon reported record fourth-quarter sales that topped $100 billion for the first time. Bezos’ move will take effect in the third quarter of 2021. Andy Jassy, who has worked for Amazon since 1997, will take over as CEO. He currently serves as CEO of the company’s cloud business, Amazon Web Services, its biggest profit-driver. And while the COVID-19 pandemic has driven many companies to tell their employees that they will work from home indefinitely, Seattle-based Amazon also unveiled plans Tuesday for the second phase of its second headquarters in Arlington County, Virginia. In a memo to employees, Bezos said the transition will give him “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.” Those philanthropic efforts include the $10 billion earth fund and Amazon’s $2 billion Climate Pledge Fund. Bezos,57, the second-richest person in the world after Tesla founder Elon Musk, according to Forbes, bought The Washington Post for $250… Read full this story
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