Jeff Bezos is stepping down as Amazon CEO

Bezos’ new role will be executive chair of the company’s board.
6:55 | 02/03/21

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Transcript for Jeff Bezos is stepping down as Amazon CEO
Welcome back Amazon founder and CEO Jeff basis has announced he's stepping down. Bases will instead take on a new role as executive chair of the company's board. Chief business and economic correspondent Rebecca Jarvis has the details on what's next for pesos and who's taking the reins. This morning a major shake up at one of the most powerful companies in the world. Jeff these oaks founder of Amazon announcing he's stepping down. Riding in a letter to employees as much as I still tap dance into the office. I'm excited about this transition. The man who started a Amazon in 1994. Building it from an online bookstore into a global giant worth more than one point six trillion dollars. Changing the way we shop stream and get our deliveries. Announcing he'll leave his role is CEO leader this year phases reading that 27 years ago when Amazon was only an idea and it had no name the question I was asked most frequently at the time was. What's the Internet. Turning finding a product that actually match the Internet technology. That was really the key. His path to success starting with this summer job at McDonald's when he was sixteen where he says he learned how to work under pressure and the value of being a good manager Amazon has made bees owes one of the wealthiest people on the planet worth an estimated 196. Point four billion dollars there are more than one million Amazon employees 400000 who joined the company just last year in the pandemic as business boom to. These are those no stranger to making headlines for his personal life his 2019 divorce from his wife of 25 years MacKenzie Scott. Making her one of the bridge just women in the world now as these those prepares to start a new chapter he's passing of the time to longtime Amazon employee Andy Jesse. No -- building Amazon Web Services as he steps into his own new role as executive chair of the Bork. And Rebecca Jarvis joins me now for more Rebecca Amazon grew from this start up in a garage to this online retail giant so. What is baze owes his legacy at this point. I mean if you think about it Diana his legacy is incredible he's changed so much about our lives the fact that. We can get an item delivered to our home within the span of a few hours sometimes even a few minutes the idea that. You can go online with one click and purchase. Everything you could need or want under the sun. All of these devices in people's homes deal lack says hopefully I haven't spoken daddy of them in turn in the mind despite saying that word. But the reality is. He's changed it all for us his legacy is incredible and this idea that he started the whole thing 27 years ago at a time when people didn't really know what the Internet even was a lot of people saw what Amazon started out as as just this online bookseller. And it was too there are. To their downfall if they were just perceiving it that way in fact it's part of why you see Amazon as it is today vs eBay what it is back back when Amazon started eBay was the main game. Now you think about the two companies one is worth trillions and the other is Billy gets. And what's next for Bates has now in this new role as executive chair. We know when you're a founder CEO it's kind of like a hotel California you can never really leave that role and we've seen this many times before he will still have an impact on Amazon. But he won't be running the dated a operations and he wrote in this note to employees yesterday about the role of Amazon CEO it is all consuming he wants to take time to focus on things like his philanthropy. Space travel and the Washington Post which as you know he bought a few years ago. That will be the primary. Objective of his time going forward but of course you can imagine this last year the pandemic he's played eight. Incredible role in reorganizing. Amazon making sure that employees and the company are built for a moment like this. And they have certainly capitalized on this moment as so many people have turned to Amazon. In need of a home deliveries during the pandemic Diane and really quickly any big changes expected under the new CEO Wendy Jaffe. Unlikely in the near term he's been with the company almost as long as baze owes. The final thought here is that he will have regulatory things to have to think about that is more a part of the conversation today that it was five years ago. And that may also be part of why bees as a stepping aside now to give someone else the opportunity to deal with that part of the whole situation Diane. Opportunity to deal in an up to get rid of but it Rebecca Jarvis yanks give a and a few more things to know before you go president Joseph Biden and First Lady doctor Jill Biden paid their respects to officer Brian sick neck last night. Sick make who died from his injuries defending the capital from rioters is lying in honor at the capitol rotunda speaker Nancy Pelosi and senate majority leader Chuck Schumer. Also paid their respects sick nick is the third capitol police officer to line honor at the capitol. A congressional tribute will take place this morning. The producers of Jeff pretty hot. Announced a new round of guest host Anderson Cooper and doctor Savannah Guthrie and doctor Sanjay good job we'll all take it turns hosting a game show. And so pretty Alex Rex legacy executive producer Mike Richards said donations will be read sweet charity at each yeah. And finally. The Groundhog Day drama making headlines after Staten Island chuck predicted an early break in your post reports New York Staten Island zoo. Pre recorded. Chats Groundhog Day predictions. And mothers who did not make that clear to viewers you can see checks prediction was made out of beautiful sunny today. Well Groundhog Day here in the city brought the biggest snowstorm in years. Angry viewers have commented on social media one rating how do you vacant groundhog predictions. Unfortunately Punxsutawney Phil who made his prediction live under on Monday we'll he's forecasting six more weeks. And that doesn't put his ABC news live update I'm day in the stayed out thanks for joining us. And remember ABC news live is here for you all day with the latest news context and analysis. We'll see back here at 11 AM eastern. With the new a big yeah.

This transcript has been automatically generated and may not be 100% accurate.

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