On July 5, 1994, Jeff Bezos established Amazon as an official company. It started with selling books online and little by little this market became what is today a global $1.7 billion company and the leader of the e-commerce model par excellence.
On Amazon’s 27th birthday, Jeff Bezos is stepping down as CEO, and this is who will replace him
Taking this date as significant and personal, Bezos chose it as the last day he would serve at the company from his position as CEO.
“I chose that day because it’s emotional for me,” Bezos said in a virtual meeting with his employees and investors. “It was the day Amazon registered in 1994, exactly 27 years ago.”
Bezos’ departure as the company’s operations chief was announced in February 2021; With this movement, the billionaire will remain part of Amazon’s board of directors and will now focus on his other companies such as the space tourism company, Blue Origin, Whole Food, The Washington Post, among other ventures.
In the speech, Bezos recalls how the company started, and puts its growth with some numbers, for example, in 2020 alone they employed 500,000 people and that Amazon today directly employs 1.3 million people in the world.
With Bezos’ departure as Amazon CEO, the successor will now be in the hands of AWS’ leader by far, the company’s most profitable business, 53-year-old Andy Gacy.
Andy Gacy will receive $214 million in compensation to fill this new position. Harvard graduate Andy Gacy is part of Amazon’s founding team, but he got closer to Jeff Bezos when the two came up with the development of AWS for cloud storage in 2003, allowing him to cement his role in the company and now take the lead.