Amazon founder Jeff Bezos is to step down as chief executive of the e-commerce giant that he started in his garage nearly 30 years ago. He will become executive chairman, a move he said would give him “time and energy” to focus on his other ventures.

Mr 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 an letter to Amazon staff on Tuesday.

“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.”

“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” he added. Mr Bezos, 57, has led Amazon since its start as an online bookshop in 1994. The firm now employs 1.3 million people globally andhas its hand in everything from package delivery and streaming video to cloud services and advertising. He’s amassed a fortune of $196.2bn, according to Forbes’ list of billionaires.

It saw its already explosive growth skyrocket last year, as the pandemic prompted a surge in online shopping.  The firm reported $386bn (£283bn) in sales in 2020, up 38% from 2019. Profits almost doubled, rising to $21.3bn. In announcing the plans, Mr Bezos said he would continue to focus on new products and early initiatives.

“When you look at our financial results, what you’re actually 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.” The shake-up comes as Mr Bezos has taken on an increasingly public profile. He has endured a public divorce, become a target for labour and inequality activists, and poured his wealth into other businesses, such as space exploration firm Blue Origin and the Washington Post newspaper.

Source: BBC