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Leaving long legacy, Jeff Bezos set to exit as Amazon CEO on Monday – Hindustan Times

Jeff Bezos is all set to leave an enduring legacy after transforming Amazon from an online bookseller into one of the world’s most powerful corporations. He is set to hand over the job of Amazon chief executive on Monday to Andy Jassy and turn his attention to his private space exploration firm, philanthropy and other endeavours. He will retain a key role as executive chair at the technology and e-commerce giant that he founded 27 years ago.

“Bezos has been a transformational leader… in book selling, the retail market, cloud computing and home delivery,” said Darrell West, a senior fellow at the Brookings Institution’s Center for Technology Innovation, reports news agency AFP.

“He was a pioneer who introduced many of the conveniences that people take for granted, such as going to an online store, ordering something, and having it delivered to your home the next day. The whole e-commerce sector owes many of its innovations to this individual,” he added.

Bezos often recounted the early days at Amazon, started in his garage when he packed up orders himself and drove boxes to the post office.

Amazon’s market value

Today, Amazon has a market value of more than $1.7 trillion. It posted 2020 annual revenues of $386 billion from operations in e-commerce, cloud computing, groceries, artificial intelligence, streaming media and more.

Bezos’ new venture

Bezos will step away from day-to-day Amazon management to spend more time on projects including his space firm Blue Origin — which is set to take him into space later this month.

Future of Amazon

Bezos’ departure leaves questions about the future of Amazon as it faces a torrent of regulatory scrutiny and criticism from activists. US lawmakers are considering a measure that would make it easier to break up Amazon, amid concerns that a handful of big tech firms have become too dominant.