Get All Access for $5/mo

Jeff Bezos Steps Down as Amazon CEO: 'Amazon Couldn't Be Better Positioned for the Future' Bezos' last day was July 5, a sentimental date as it marks the 27th anniversary of Amazon's official debut as a company.

By Emily Rella Edited by Jessica Thomas

Bloomberg | Getty Images

It's the end of an era for Amazon (AMZN) founder and now-former CEO Jeff Bezos as the billionaire stepped down from his executive position at the company.

Bezos' last day was July 5, a sentimental date as it marks the 27th anniversary of Amazon's official debut as a company.

His predecessor will be Andy Jassy, who was formerly CEO of web services at Amazon; Bezos will transition to a new position as executive chair of the Amazon board.

Related: 5 Things To Know About Amazon's New Boss Andy Jassy

"Amazon couldn't be better positioned for the future. We are firing on all cylinders, just as the world needs us to. We have things in the pipeline that will continue to astonish," Bezos said in a company email in February when he first announced his plans for departure. "We serve individuals and enterprises, and we've pioneered two complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics, and if an Amazonian's idea requires yet another new institutional skill, we're flexible enough and patient enough to learn it."

Upon his departure, Bezos' net worth is estimated to be a $204.8 billion, according to Forbes' real time billionaire tracker.

The billionaire said he has plans to "focus my energies and attention on new products and early initiatives," which presumably includes his space company Blue Origin and news giant the Washington Post, which Bezos purchased in 2013.

Related: Steal These Business Superpowers From Elon Musk and Jeff Bezos

Amazon is coming off of a strong Q1, earning $108.52 billion in revenue after a $104.47 billion estimation, with Q2 earnings expected to be reported some time this week.

In less than two weeks, on July 20, Bezos is set to fly into space on his New Shepard rocket ship. He'll be joined by his brother and an anonymous bidder who paid $28 million for the coveted spot.

Amazon was up 3.3% early Tuesday morning, with an estimated increase of 18.33% at the same time year over year.

"Being the CEO of Amazon is a deep responsibility, and it's consuming," Bezos has said of his position as CEO. "When you have a responsibility like that, it's hard to put attention on anything else."

Related: Richard Branson Will Beat Jeff Bezos to Space

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business Culture

You'll Always Have Anxious Employees if You Don't Follow These 4 Leadership Tactics

Creating a thriving workplace environment hinges on the commitment of company leaders to nurture and inspire their teams.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.