27 years after founding his multi-billion dollar company, Amazon’s owner, Jeff Bezos, has decided to step down and leave his position as Chief Executive Officer. This transition will take place July 1, with the start of quarter three, as Bezos takes on his new role as Executive Chairman and focuses on projects outside of the electronic commerce business. The job of CEO will be filled by the current chief executive of Amazon’s web services, Andy Jassy.

Bezos explained in a memorandum to his employees that he will now have more time and energy to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, the Washington Post and other interests. The Day 1 Fund and the Bezos Earth Fund focus on climate change research and prevention, as well as providing support for homeless families in need.

The CEO shared his passion for these organizations in his message and highlighted how much of an impact he believes they will have on the world. His email also shared his love for Amazon as he describes that he “finds his work meaningful and fun” and is proud of everything the company has accomplished.

Taking on Bezos’s previous CEO responsibilities is long-time Amazonian Jassy, who has worked in the company for almost as long as Bezos. Joining the team in 1997, Jassy developed the company’s cloud service business, which currently accounts for roughly 60% of the business’s profit. While many are hesitant as to what the new chief executive will mean for the company, Bezos adds in his memo that Jassy has his “full confidence” and will be an “outstanding leader.”

“Amazon is a massive global company whose influence has spread to almost every corner of the world. I personally use Amazon very often and find it quick and convenient. The concept of Amazon is truly wonderful and I am not sure if Jeff Bezos stepping down as CEO will change anything. Hopefully he continues to play a role in the business and continues to innovate in order to keep people interested,” sophomore Marcela Nieves said.

Though this corporate decision is surface-level and should not have any major impacts on the company itself, businessmen and stock market investors have their eyes out for any sudden shifts in Amazon’s stock price. After the announcement, they seemed to cool down following the 1.5% increase in the stocks price. Just this year, Amazon’s sales increased by 37% and the company hired about half a million new employees, which led to dramatic increases in the company’s worth. Jeff Bezos still remains one of the largest shareholders in Amazon.

Bezos clearly stated that he will not be retiring and will still play a large role in the company. Brian Oslavsky, Amazon’s chief financial officer has explained that Bezos’s new role as executive chairman is still important to the company.

Amazon was founded in 1994 as an online bookstore and has developed into one of the most valuable companies in the world, with a market value of about $1.7 trillion. The corporation is one of the largest employers in the United State and has spanned across the globe, leading to its exponential growth in recent years. Jeff Bezos is currently one of the richest people alive, coming in right above Tesla’s CEO, Elon Musk.

“Whether or not Jeff Bezos stepping down as CEO will have a major impact on the company remains to be seen. The world is not familiar with Andy Jassy and who knows if he will be able to continue what Bezos has left behind,” sophomore Adrian Gonzalez said.

Some of the company’s major innovations included in Bezos’s note to his employees are One-Click, personalized recommendations, Prime’s faster shipping, Just Walk Out
shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice and many others. These creations have changed how the world views online shopping and the connection people have with Amazon as well as the internet in general. Jeff Bezos notes that invention has been the key to Amazon’s success throughout the years.

It is predicted that Amazon will only continue to grow from where it is now. As the internet brings people closer together, the company aids in the unification of consumers through the online platform and easy access to products. Jeff Bezos’s future role in Amazon is still to be determined, but he has evidently made a mark in history as CEO of his e-commerce creation.

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