25-years after founding Amazon in a Seattle garage, Jeff Bezos has announced that he is stepping down as Chief Executive of the company he founded, passing the reins to Andy Jassy.
Whilst he intends to remain as Executive Chairman and no one expects his stranglehold on the company to do anything other than ease slightly, it is still a major step for the 57-year-old.
In an email to Amazon employees, he said: “I’ve never had more energy, and this isn’t about retiring. I intend to focus my energies and attention on new products and early initiatives. I’m super passionate about the impact I think these organizations can have.”
The email also makes it clear that Jeff wants to focus his energies elsewhere. He went on to say – “As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions,”
The Washington Post
Jeff Bezos acquired the Washington Post in 2013, paying $250 million for it. Despite initial fears, he has been praised for non-interference in the editorial process of the paper. Instead, he has focused his energy on bringing the paper into the digital age and focusing on the technology side of the operation.
It is unsure what his long-term plans for the paper are. But it is expected that this hands-off approach to editorial content will continue. He likely plans to push towards new income streams for the once ailing publication.
The Day 1 Fund
This is a charitable organization that he launched in 2018 with his wife of the time MacKenzie. An initial investment of $2 Billion was targeted towards supporting homeless families and providing funds for educational opportunities.
The day 1 fund is named after one of the businessman’s guiding principles of approaching each day with a first-day mentality. At the launch of the fund, he said: “I talk often about the importance of maintaining a Day 1 mentality. It’s always Day 1, and I work hard to apply that mindset to everything I do.”
The Day 1 Fund can expect to see this principle applied in person a lot more in the future.
The Bezos Earth Fund
Set up more recently in 2020, the Bezos Earth Fund, received an initial donation of $10 billion. This fund is dedicated to fighting climate change and other environmental issues. This is a subject that Bezos is passionate about, already having set Amazon a target of achieving carbon neutrality by 2040 at the latest.
He is on record as saying that “Climate change is the biggest threat to our planet.” It is thought he intends to work more closely with the fund as it aims to steer us towards a sustainable future.
Blue Origin
Jeff Bezos has had space ambitions since childhood, and Blue Origin will undoubtedly feature largely in his plans. Its goal is to make space travel more cost-effective and accessible by developing reusable launch vehicles. Currently, the company has a NASA contract for Planetary expeditions, satellite launches, and Earth Observation flights.
In December 2020, Bezos announced that he intends to fly the first woman to the moon in one of his rockets.
All in all, these are lofty goals for a retirement plan!