Amazon announced Tuesday that Jeff Bezos will step down as CEO of the company later this year while the Amazon Web Services executive, Andy Jassy, will take his place.
Amazon announced Tuesday that Jeff Bezos will step down as CEO of the company later this year while the Amazon Web Services executive, Andy Jassy, will take his place.
After 27 years, Bezos will transition from CEO to the executive chair of the company. Andy Jassy will resume the role as CEO in this year’s third quarter on July 1.
In a blog post to employees, Bezos explained his excitement about transitioning to focus on “new products and early initiatives.” He also expressed that he has full faith in Jassy as the new CEO. “Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”
Founded in 1995 by Bezos himself, the company evolved from an online bookstore to one of the largest digital retail platforms. Amazon’s earnings report for the 4th quarter in 2020 announced on Tuesday that the company had its largest quarter with $125.56 billion in sales.
Bezos said his transition will also allow him to put energy into his other projects like the Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post.
