TOPLINE Amazon founder Jeff Bezos announced Tuesday he will step aside as CEO of the e-commerce giant to serve as executive chairman, a move he said will give him more time to focus on his other “passions.” Here are the causes Bezos said he’ll dedicate time to.
KEY FACTS
In a Tuesday letter to Amazon employees, Bezos said said he’ll use his new free time to focus on The Day One Fund, the $2 billion fund he established in 2018 aimed at opening full-scholarship, Montessori-influenced preschools in underserved communities and funding nonprofits that support homeless families.
He also said he’ll work on the Bezos Earth Fund, which he kicked off a year ago with a $10 billion pledge (almost 10% of his net worth at the time) to combat climate change by issuing grants to “scientists, activists, NGOs—any effort that offers a real possibility to help preserve and protect the natural world,” Bezos said.
Bezos also has Blue Origin, his private spaceflight company, which is developing rockets for commercial space tourism that he hinted could help NASA take humans to the Moon.
The billionaire said he’ll also dedicate more time to The Washington Post, which he purchased for $250 million in 2013, and helped to expand its digital presence and ramp up revenue.
Crucial quote
“I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on … my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” Bezos said in the letter Tuesday.
KEY BACKGROUND
Bezos founded Amazon, which started out as an online bookstore, in 1994 out of his garage in Seattle. Now Amazon is one of the biggest companies in the world, and operates ventures in streaming, entertainment, groceries, delivery and more. Bezos is worth $196.4 billion, according to Forbes. Amazon announced Tuesday Bezo would step down as CEO and be replaced by Andy Jassy, who leads Amazon Web Services.
FURTHER READING
What You Need To Know About Andy Jassy, Amazon’s New CEO (Forbes)
By Carlie Porterfield, Forbes Staff