Making the Impossible Real...Retired Billionaire at the Pinnacle of Innovation [News Inside]

Jeff Bezos Amazon CEO

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jaehee] "To be the best employer and to take responsibility proportional to the scale of success"

This is the new leadership principle presented by Jeff Bezos, the world's richest man, just days before retiring from Amazon, the company he founded 27 years ago.

Bezos had adhered to 14 leadership principles such as 'Customer Obsession' and 'Think Big,' but ahead of his retirement on the 5th (local time), he introduced two new leadership principles. This has been interpreted as a guide for the 'Post-Bezos' era.

July 5th marks the day Bezos founded Amazon 27 years ago. Starting as an online bookstore in a warehouse in Seattle, Washington in 1994, Amazon has grown into a giant encompassing distribution, logistics, groceries, digital content, and media over 27 years. When Bezos announced he would step down as CEO on the 27th anniversary of the founding, The New York Times (NYT) described it as "the end of an era for Amazon."

Bezos was born in 1964 in New Mexico, southwestern United States. His mother gave birth to him while still a high school student, and after divorcing before Bezos was two years old, she remarried Miguel Bezos, an immigrant from Cuba. Miguel Bezos, Bezos's stepfather, was an outstanding engineer who rose to an executive position at the global oil company Exxon and later became a strong supporter of Bezos, even using his retirement funds to help Bezos start his business. Bezos has referred to him as a 'role model.'

[Image source=EPA Yonhap News]

Bezos had a strong interest in science and space from a young age. This was influenced by his stepfather Miguel Bezos and his maternal grandfather Preston Gise, who is considered another influential figure in his life. Preston Gise worked as an expert in space engineering and missile defense systems at a U.S. Department of Defense research institute in his youth. Bezos spent every summer vacation with his grandfather in Texas until he was 16, naturally developing an interest in science and space. This later became the motivation for founding the private space exploration company Blue Origin.

Bezos stood out academically with a brilliant mind. Known for his competitive spirit, he was also the captain of his high school football team. At Princeton University, Bezos initially intended to study theoretical physics but switched his major to computer science due to greater interest. Graduating with a degree in electrical engineering and computer science in 1986, he graduated with highest honors and received numerous offers from large corporations but declined them all, choosing instead to join the venture company Fitel as a stock trader. He quickly rose to become the director of technology at age 23 and later moved to the financial firm Bankers Trust in 1988, where he began exploring his own business opportunities. It was during this time that he recognized the potential of the internet and decided to start his own company.

Bezos's life took two important turns: marrying his colleague MacKenzie Scott in 1993 and founding Amazon in a garage in Seattle the following year.

Bezos met Scott when he was an interviewer and she was an applicant; they fell in love and married in 1993. The next year, Bezos quit his job with Scott to start an online retail business and took an impromptu road trip to Seattle. A famous anecdote tells that Scott drove while Bezos wrote the business plan on his laptop during the trip from New York to Seattle. With investments from family and friends, Amazon was born on July 5, 1994, in a garage in Seattle. Scott handled book orders, shipping, and accounting in Amazon's early days.

[Image source=Reuters Yonhap News]

There is an interesting story behind the name Amazon. Originally, Bezos intended to name the online bookstore after the magic spell 'Abracadabra.' However, he later chose 'Amazon' to symbolize a shopping mall selling a wide variety of items, just as the Amazon River, the world's largest by volume, is home to diverse creatures. Amazon's growth into the world's largest e-commerce platform handling more than 30 product categories was thus a predictable outcome.

Bezos is also known for his exceptional paternal love. He and Scott have three sons, but the couple, who wanted a daughter more than anything, personally visited China in 2006 to adopt a girl through an introduction from an acquaintance. They adopted a girl from Hunan Province and have cherished her for over ten years. Bezos's affection for his daughter is said to be extraordinary; he even bought a small island for her to use during vacations. Bezos himself was raised by his Cuban immigrant stepfather Miguel Bezos and his biological mother from the age of four, which is said to have made him especially devoted to his adopted daughter.

Bezos announced his intention to resign in February after reporting record-breaking fourth-quarter results last year. He explained his retirement by saying, "This is the most innovative time for Amazon, and it is the right time for a CEO change."

[Image source=EPA Yonhap News]

Bezos indicated that he would continue to be active even after stepping down as CEO. He said, "I still have plenty of energy" and "I will devote energy to developing new products and plans that are still in the early stages." Foreign media interpreted this as referring to his activities with the private space development company Blue Origin, the media company The Washington Post (WP) acquired in 2013, and his philanthropic efforts.

Bezos once said, "Amazon exists because of innovation. We turned crazy ideas into ordinary things."

As with this famous statement, Bezos's path after resigning as Amazon CEO is expected to be relentless and an endless journey.

This content was produced with the assistance of AI translation services.