Amazon founder Jeff Bezos's father, Mike Bezos, is said to be set to appoint a CEO for Aurora Borealis, the family office managing the wealth of the Bezos family.
The move follows as the size and complexity of the family fortune continue to increase. In order to handle the expansion more efficiently, Mike Bezos is presently looking for professional guidance at the top of Aurora Borealis.
Headquartered in Miami, the Aurora Borealis oversees investments, giving, and estate planning for the Bezos family. As its financial presence continues to grow, the office has been expanding its personnel and operations. The decision to hire a CEO indicates a move toward an institutional setup.
So far, Aurora Borealis has been run as a classic family office. Installing a professional CEO would bring it in line with what other billionaire clans do, running their offices more like private investment companies. With the Bezos fortune estimated at more than $200 billion, Mike Bezos believes it needs a more formalized process to guide its expansion.
Mike Bezos, 79, is Jeff Bezos' adoptive dad and has generally avoided the spotlight. Nevertheless, he has been actively involved in directing the family's charitable efforts, acting closely with his wife Jackie through the Bezos Family Foundation.
Amazon founder Jeff Bezos once revealed that he never took additional compensation during his tenure as the CEO, saying he was proud of this decision to forgo the stock grants and bonuses, despite leading one of world’s most valuable companies. Speaking at the 2024 New York Times DealBook Summit, Bezos revealed that he asked the Amazon broad to “not to give me any comp,” citing his substantial ownership stake in the company. “I already owned a significant amount of the company, and I just didn’t feel good about taking more… I just felt how could I possibly need more incentive?” he said. Bezos reportedly took a pay check of $80,000 annually as the CEO of Amazon.
