Billionaire and Amazon founder Jeff Bezos, has stepped down as CEO of Amazon.
According to The Sydney Morning Herald, Bezo has stepped down now, so he can concentrate on other projects. Such as overseeing the newspaper he owns, The Washington Post, and his space exploration company, Blue Origin. You know — billionaire stuff.
However, Bezos hasn’t stepped away completely from the company he built. He will now take over the role of executive chair.
Andy Jassy, who has worked for Amazon since the late nineties is now the CEO.
Previously Jassy, was a top executive for Amazon Web Services.
SMH reported that Jassy will be given $US200 million ($265.6 million) in extra stock, which will be paid out to the new CEO over 10 years.
Meanwhile, Bezos steps away from his role with an estimated net worth of 201.8 billion USD. ($267.37 billion)
According to Forbes, Bezos still has a 10.3 per cent stake in Amazon.
Amazon famously tripled its profits during COVID-19, with Bezos earning in an hour more than most people earn in a lifetime.