Today, Jeff Bezos is stepping down from CEO designation after leaving over two decades of legacy behind. He not only established the Amazon brand globally but he is also the richest person in the world with approximately $200 billion in wealth.
But, he is not retiring. He will continue as the executive chairman of the Amazon board. And, he will more focus on other projects including Aerospace company Blue Origin.
Let’s have a look at the main highlights of his career as a CEO and founder of Amazon.
Jeff Bezos: The Richest Person on the Earth
Today on 5th July, Jeff Bezos is saying goodbye to his legacy as a Chief Executive Officer(CEO) of Amazon. He has created a trillion dollars empire after starting Amazon operations from his garage. Currently, he is the richest person in the world with a net worth of approximately $200 billion, as per Bloomberg’s Billionaire Index.
Andy Jassy, who is serving as the chief of Amazon web services, will become the new CEO.
This is not the end of his entrepreneurship journey. Now, he will dedicate most of his time to his favourite project Blue Origin that is Aerospace based firm. In Amazon also, he will not participate in daily activities but will continue as the executive chair of the board.
27 years back, he started Amazon from his garage as an online book store firm. Initially, Bezos used to do packaging by himself and delivered the packages to the post office. Later, he expanded Amazon operations in the fields of e-commerce, artificial intelligence, cloud computing, digital streaming among many others. Amazon, which is often regarded as the most valuable brand on earth, has a market value of over $1.7 trillion, news agency AFP reported on Sunday.
On July 5 2019, Jeff separated from his ex-wife MacKenzie Scott, where he gave a part of his stake to her. It is considered one of the costliest divorce settlements in the world. As per reports, he paid $38 billion in the form of cash and his stake to Mackenzie.
He was first registered in Forbes magazine’s list of richest Americans in 1998. Since then, he has added $196 billion to his wealth as per Forbes data. While usatoday.com reported on Sunday that his net worth saw a surge of 73% since 2019. Over 90% of his wealth comes from the operations of Amazon, while Blue Origin and daily Washington Post projects contribute the remaining wealth.
Amazon started its journey from a garage of the rented home where Bezos used to live. Currently, Amazon operates in every major business sector in the world. Cloud services, e-commerce, entertainment sector, banking, advertising, grocery, software field, and aerospace space industry are some of the major sectors where Amazon group has a strong presence.
Currently, Jeff Bezos founded Amazon has a market valuation of over $1.7 trillion. It is also considered the most valuable company in the world. It is not just about the valuation, but It also capped one of the world’s most innovative and influential legacies in the areas of business and technology.
Founded in 1994, Amazon left behind big American giants such as Andrew Carnegie, Henry Ford, John D. Rockefeller, Bill Gates and Steve Jobs.
Its “always Day One” philosophy set by Bezos motivated the firm to reach new heights. He applied some unique procedures in Amazon to motivate the staff and stakeholders regularly.
When Amazon started its public offering in 1997-98, he wrote a letter to shareholders. Till now, it is an annual practice by Bezos to attach the first letter with an annual letter. It reminds the shareholders about his philosophy of “it is always day one”. His first letter is also considered as a guiding principle in Amazon.
In 2005, Bezos implemented 2 days delivery concept under the Amazon Prime loyalty program. Amazon offered free two-day shipping on a yearly subscription of $79.
This decision not only brought good progress for Amazon but also changed the retail industry completely. Customers were happy to get delivery in one or two days instead of waiting for four to six days.
Currently, Amazon Prime has over 150 million subscribers globally. It forced other retail firms also to launch such programs to survive.
During this period, Amazon received a lot of complaints about the non-delivery of items from its delivery partners including UPS, FedEx and the U.S. Postal Service. That forced Amazon to create its own logistics firm named Amazon Logistics or AMZL. In 2019, Amazon’s in-house logistics arm was on track to deliver 3.5 billion packages globally or about half of all its worldwide orders.
In 2006, Amazon started offering cloud services to others under AWS(Amazon Web Services). In the last quarter, it has a 52% share in Amazon’s overall income, as reported by the Amazon group.