Amazon founderJeff Bezos’ father Mike Bezos is now looking to hire a CEO to oversee his growing family office Aurora Borealis. According to a report by WSJ, this move from the billionaire comes at a time when the scale and complexity of the Bezos family wealth is increasing.So, in order to manage the wealth well, Mike Bezos is looking out to hire a CEO.

From family wealth to institutional powerhouse

For those unaware, Aurora Borealis is based in Miami and it manages the investment, philanthropy and estate planning for the Bezos family. The office has been expanding its staff and operations due to its increasing financial footprint. Now, the decision to hire a CEO hints towards making it a more institutional structure. Aurora Borealis has until now operated as a traditional family office, but the addition of a professional CEO would align it with the practices of other billionaire families who run their offices like private investment firms.The wealth of the Bezos family is continuing to increase and is estimated to be more than $ 200 billion. So, in order to manage the growing wealth the Mike Bezos now need a more structured approach.

Mike Bezos’ role and legacy

The 79-year old Mike Bezos is the adoptive father of Amazon founder Jeff Bezos. Mike has largely remained out of spotlight, but he is known for shaping the family towards philanthropic direction. Mike has been deeply involved in the Bezos Family Foundation along with this wife Jackie.

Amazon founder Jeff Bezos says he is proud of his salary package

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.