In a shocking development, Amazon’s Jeff Bezos announced that he will step down as Amazon’s CEO—a position that has taken him to global renown and has also seen Amazon Inc’s fortunes transform over the years.
While declaring this change, he also confirmed that he was far from getting away from Amazon itself, as Bezos had confirmed that he would take on the role of Executive Chairman of Amazon’s Executive Board. Although leaving as Amazon’s CEO may seem like retirement for Bezos, it’s not really that, as he has made clear, he’s not looking for the same and that switching to Amazon’s Executive Chairman would give him time and resources to concentrate on his other projects.
As reported, retirement is surely not in Bezos’ mind at the moment. In reality, this seems to be a career reset of sorts for him, as he is now seeking to increase his holdings in the other business he has created, or ventures he has completed in the last few years. Bezos is still well prepared for some such move, as it is presently estimated at $200 billion, and as such has ample money to finance not just his passions, but some more.
“As Executive Chairman I will stay engaged in important Amazon initiatives but also have 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. I’ve never had more energy, and this not about retiring. I’m super passionate about the impact I think these organizations can have”, says Bezos.
Bezos is not the first big-name CEO of a tech corporation to do anything like that. Eric Schmidt of Google has also taken that approach since he became Google’s executive chair. Bill Gates also retired from his position as CEO of Microsoft in 2000 to become Chairman of the Executive Board.
Most definitely, Bezos’ greatest legacy will still be Amazon. Amazon was the brainchild of Bezos, and under him, it was multiplying. Over the decades, it has grown from becoming an online bookshop to being the world’s largest e-commerce portal. Some will now hope that he will change the world with his various other projects that he has invested time on in the last few years.