In an announcement made by Jeff Bezos, the founder and former CEO of Amazon, declared that he will be stepping down from his role in Amazon starting Q3 2021. Andy Jassy will be filling his shoes. The future of global technology will be Andy Jassy who is currently the chief of Amazon Web services. Andy Jassy has been an Amazon employee for about 24 years now. 

Amazon stands amongst the most valuable companies all around the world having a gross valuation of about $1.6 trillion. This figure stands high even after the company is hit by antitrust and anti-competitive practices lawsuits in the USA and along with that in  other parts of the world as well. 

Bezos, after resigning from the position as a CEO, will start working as an executive chairman of Amazon’s board of directors. When Jeff Bezos made this announcement while communicating with the world wide staff of Amazon, he expressed his faith and confidence in Jassy and his abilities. Following this decision, Jassy will be the top executive from Amazon to face the USA lawmakers and will be held responsible and accountable now forward. Given the circumstances some of them have even expressed their desire to make a conversation with Jassy on the issues of numerous antitrust lawsuits.    

In his address, Bezos also emphasised upon the number of new products and milestones that Amazon has achieved under his 27-year tenure as the chief of Amazon. He said that Amazon has gone really big from being an online bookstore in the initial days of the internet, to becoming the global giant that it is today.

Talking about Bezos role as Executive Chairman, he wrote, “As Exec Chair, I will stay engaged in Amazon’s important 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.” 

Summing up his address he said, “Amazon couldn’t be in a better position for the future. We are shooting in all the directions, just as the world needs us to. We have a lot of things ongoing and planned that will continue to amaze. We serve individuals and enterprises, and we’ve excelled in two complete industries and a whole new class of devices. We are leading in areas as different and vast as machine learning and logistics, and if an Amazonian’s idea requires any other new institutional skill, we’re flexible enough and patient enough to learn it.”

In the beginning of the year 2021, Elon Musk, Tesla and SpaceX Chief, left behind Jeff Bezos as the richest man in the world. Musk’s wealth valued at $185 billion was marginally more than Bezos, making him the second richest man in the world with a wealth valued at $184 billion.

Bezos’ Blue Origin is a rival and the biggest competition to Musk’s private space company SpaceX. Incidentally the two have quite recently been in the battlefield with the objective of deploying private satellites around Earth to beam affordable and fast internet to various countries. While Amazon claimed that SpaceX is attempting to vandalize the chance of other companies in this sector by selecting a lower Earth orbit to deploy their satellites in, Musk, on the other hand, gave a statement saying that his company has previously taken all the necessary regulatory approvals so required for moving forward, and that “it does not serve the public to hamstring Starlink today for an Amazon satellite system that is at best several years away from operation.”

From the point of view of India, Bezos’ Amazon has grown to be one of the most important companies in India’s technology sector. It occupies a strong position in the Indian e-commerce space as well. Moving forward, it will be interesting to see the impact of change in position by Amazon. Let’s wait and watch if Amazon will also join the league of companies like Microsoft and Google in the list of big tech companies today that have transitioned on to greater heights, even without their founders as the chief executives.

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