This is something that happens with every founder one day – and that day has come for Jeff Bezos.
On Tuesday, July 6, 2021, Jeff Bezos announced he will step down from the CEO’s chair and take on a new role as executive chairman.
News about this major move was first announced in February 2021 where he cited in an email about the scheduled transition in the third quarter of 2021 to all Amazon employees. Still, it wouldn’t be wrong to say that business leaders around the world were surprised. No one would have expected Bezos to adhere to his decision so strictly, since there were well 86 days still left in the quarter.
But believe it or not, it has happened. Jeff Bezos is not the CEO of Amazon anymore; Andy Jassy is.
The world must be hanging on one question right now: “What does it mean for Amazon?”
Alternatively, you can have your own version of the same question, such as:
- How will it affect Amazon’s future?
- Will Amazon continue to rule the world of retail and ecommerce?
- What’s next for Amazon?
Before exploring the answer to these and various other questions going in your mind right now, let’s hear the reason behind Bezos’ decision:
“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,” Bezos said in an email announcing the change. “As Exec Chair 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.”
How Amazon’s shares are doing right now
Although the shares experienced some swings after Tuesday’s cash session, they are seemingly stable now. Its stock price has grown 4.9% since Tuesday.
Are investors spooked?
That’s like asking if Brazil will be spooked if Neymar decides to step down from its football team; or Messi calling it quits on captaining Argentina.
Anybody would be spooked by losing the involvement of someone who’s contribution to the system was a major one. However, change is the law of nature.
Bezos is not completely gone
Amazon was quick in clarifying that Bezos will still be playing an important role, although not the very major ones.
Brian Olsavsky, Amazon’s CFO, said Bezos will be involved in “one-way door” decisions, like the ones related to acquisition, moving to new markets, etc.
How Amazon’s future looks like without Jeff Bezos
Under Jeff’s captaincy, the company evolved from a mere online bookseller into one of the most loved ecommerce brands in the world. Amazon was also quick in exploring other markets, and as it did, it established a major foothold in any industry it stepped into. And that wasn’t it; the company managed to pull off its biggest quarterly earning to date by bringing in more than $108 billion in revenue in Q1, 2021. But that was Jeff’s magic.
Now the question is, will this trend continue, or stay the same?
The answer can be extracted from the stories of Apple and Microsoft.
Did Apple’s amazing journey discontinue after Steve Jobs?
Did Microsoft get ranked down for its Operating Systems in the world when Bill Gates resigned?
No, they didn’t. They stayed at the top and continue being there to date.
Leaving the most important position of the most important company in the world is the boldest move. But Jeff Bezos made it clear with his move that Amazon is bigger than Jeff Bezos. And, it turns out, Jeff Bezos is bigger than Amazon as well.