Amazon shook the stock market with unexpected news! Jeff Bezos, the founder, is to step down as the CEO of the e-commerce giant. Now what?
Jeff Bezos, the world’s richest man, will be replaced by Andy Jassy, who currently leads Amazon’s cloud computing business.
The change will take place in the second half of 2021, the company said.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else,” Mr. Bezos said in a letter to Amazon staff on Tuesday.
Bezos has run Amazon since its start as an online bookshop in 1994. The company now employs 1.3 million people globally and has its hand in everything from package delivery and streaming video to cloud services and advertising.
“When you look at our financial results, what you’re seeing are the long-run cumulative results of invention,” he said. “Right now, I see Amazon at its most inventive ever, making it an optimal time for this transition.” Jeff Bezos says
It is not a secret that the e-commerce giant has blossomed throughout the years, and even during an economic crisis. E-commerce speeded up during the second and third quarters of 2020 when consumers were in a lockdown and turned to the internet to order goods. That spurt doesn’t seem to have shrunk — at least not according to Amazon’s fourth-quarter results. Sales surged during the quarter, and earnings per share skyrocketed.
While Bezos’ name is almost synonymous with Amazon, Wilke has left his mark. He has been with the company since 1999 and was promoted to CEO of its worldwide consumer arm in 2016. He was acknowledged with building the company’s logistics capabilities that allow the company to control around 40% of North America’s e-commerce market.
Should you invest $1,000 in Amazon, right now?
By now, you are probably wondering if Amazon will keep its leading positions on the stock market. Well, nobody could know what will happen tomorrow, but one thing is certain: If you decide to put your money into Amazon stock, you can be sure that you could benefit from both rising and falling stock prices.