Jeff Bezos steps down as Amazon CEO

Amazon announced Tuesday that Jeff Bezos will be transitioning to executive chair of the company’s board, and Andy Jassy, the current chief executive of Amazon Web Services, will be the new CEO.
2:31 | 02/03/21

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Jeff Bezos steps down as Amazon CEO
Meantime, president Biden taking new executive action tonight. This time, rolling back trump administration immigration policies. The president taking aim at the trump administration's family separation policy. President Biden now creating a task force to reunite migrant children with their parents. So, let's bring in senior white house correspondent Mary Bruce tonight at the white house, because Mary, the Biden administration today seemed to acknowledge that they don't even know how many children are still separated from their parents. Reporter: David, they don't. And this is a massive task. The Biden administration admits they are starting at square one here, just trying to figure out how many children are still separated from their families and where their parents may be. Now, some advocates are critical of the president, saying he's not doing enough here, but Biden says by creating this task force, he's just taking the first step to try to undo twha he calls the moral and national shame caused by the previous administration. David? Mary Bruce with late reporting from the white house Mary, thank you. We turn to that news about Amazon tonight. One of the most powerful companies in the world. We learned that Amazon founder and CEO Jeff bezos will step down. So, what's next and what's behind the move? Here's our chief business and economics correspondent Rebecca Jarvis tonight. Reporter: Tonight, Jeff bezos, founder of one of the most powerful companies in the world, is stepping down. The man who started Amazon in 1994, building it from an online bookstore into a global giant worth more than $1.6 trillion, changing the way we shop, stream and get our deliveries, writing in a letter to employees that 27 years ago, when Amazon was just an idea without a name, the question I was asked most frequently at the time was, what's the internet? I picked books as the first best product to sell online. Reporter: The idea for Amazon has made bezos one of the wealthiest people on the planet, worth an estimated $196.4 billion. There are now more than 150 million prime members and more than 1 million Amazon employees. 400,000 who joined the company just last year in the pandemic, as business boomed. Competition from the retail giant squeezing small brick and mortar businesses for years. Bezos now passing the baton to long-time Amazon employee, Andy jassy, known for building Amazon web services. David, bezos says he's making this move to spend more time on things like philanthropy, space travel and "The Washington post" and he will stay on with the company as executive chair. David? All right, Rebecca Jarvis live in New York for us. Rebecca, thank you.

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

{"duration":"2:31","description":"Amazon announced Tuesday that Jeff Bezos will be transitioning to executive chair of the company’s board, and Andy Jassy, the current chief executive of Amazon Web Services, will be the new CEO.","mediaType":"default","section":"ABCNews/WNT","id":"75642186","title":"Jeff Bezos steps down as Amazon CEO","url":"/WNT/video/jeff-bezos-steps-amazon-ceo-75642186"}