Amazon is one of the largest companies in the world, and Jeff Bezos, the founder of Amazon has held the acclaimed title of being the richest person in the world for years now. Although Elon Musk has dethroned him a few times bumping him to the number 2 spot, it hasn’t taken him long to rebound. Recently, Jeff Bezos announced that he will be stepping down as CEO of Amazon and staying around has Executive Chairmen, still a very high position. But what is the difference?
Well in the case of Amazon it means less of being in the public eye and focusing on day-to-day operations and more on the company, creating new products, and another thing a CEO wouldn’t have as much time to do. This makes sense as Bezos himself cited the reason for making the role change to spend more time on his other ventures, including the Washington Post, space company Blue Origin and philanthropy. The move could be strategic because having the richest man in the world as CEO doesn’t help the company fight back claims of being a monopoly. So, what does this mean for Amazon? Well first and foremost, the new CEO is named Andy Jassy and was already an executive at Amazon, specifically heading the Amazon Cloud Services section of the company.
Some investors believe the switch signals an increasing focus on the software side of things for Amazon. What do you think about the switch in leadership? And will you be investing in Amazon?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.