Jeff Bezos to step down as Amazon CEO

The name of the next CEO has already been disclosed

Jeff Bezos

Jeff Bezos to step down as Amazon CEO. Source: flickr.com

Amazon announced on Tuesday that this Q3 Jeff Bezos will step down as chief executive officer.

Since Amazon was founded in 1995, only Jeff Bezos has served as the CEO. He has led Amazon’s transformation from an online bookseller to the current logistics and retail company, currently valued at £1.7 trillion.

The news was released alongside the digital trailblazer’s fourth-quarter performance report. Seeing that the pandemic boosted Amazon’s digital-based businesses and sales, the performance easily surpassed Wall Street analysts’ profit and sales projections.

I find my work meaningful and fun. I get to work with the smartest, most talented, most ingenious teammates. When times have been good, you’ve been humble. When times have been tough, you’ve been strong and supportive, and we’ve made each other laugh. It is a joy to work on this team
Jeff Bezos

The company’s shares gained by almost 1% two hours after the market was closed. In the past year, Amazon’s shares have seen a close to 69% growth.

Meanwhile, Bezos revealed that Andy Jassy will replace Jeff Bezos as the Amazon CEO. Andy Jassy has been working for the company since 1997. Currently, he is Amazon’s web services CEO. This is the largest profit driver in the company.

Nevertheless, Jeff Bezos will engage in essential Amazon projects and focus on his Blue Origin spaceship company, Bezos Earth Fund. He will also focus more on the Amazon Day I Fund and the Washington Post.

As much as I still tap dance into the office, I’m excited about this transition. Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else
Jeff Bezos

We’ve reported that Amazon is set to launch in Poland.

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