Jeff Bazos steps down as CEO of Amazon

Shane Coolbaugh, Staff Writer

Jeff Bezos has officially stepped down as CEO of Amazon and will now serve as its chairman. Andy Jassy, the chief executive of Amazon Web Services, will replace Bezos.

Bezos founded the company in 1994, operating out his home garage in Bellevue, Washington. Bezos’s parents invested almost $250,000 in the startup. The company began service as an online bookstore in July 1995. It has since grown into the largest e-commerce retailer in the world.

In the past year, Amazon has faced scrutiny for its response to the COVID-19 pandemic. In March 2020, employees at Amazon’s warehouse in Staten Island, New York, staged a walkout to protest the company’s response to COVID-19 infections within their facility. According to CNBC, employees argued that the company wasn’t doing enough to protect them from the virus.

Since the beginning of the pandemic, Amazon has seen record sales while many small businesses struggle to stay afloat. The company announced today that the fourth quarter of 2020 brought in 125.56 billion — their largest revenue quarter of all time.

The global pandemic has made the e-commerce market more competitive than ever. Walmart recently launched Walmart Plus, a subscription service very similar to Amazon Prime. Other major retailers are making curbside pick-up more accessible and convenient. Jassy will now face the challenge of keeping Amazon at the forefront.