Amazon founder Jeff Bezos to step down as CEO this year
By Team Newsable | First Published Feb 3, 2021, 10:05 AM ISTBezos, who is the company's biggest shareholder, will still have broad influence over Amazon.
Washington DC: Amazon founder Jeff Bezos said Tuesday he would stand aside later this year as chief executive of the company he built from a startup into one of the world's most valuable firms.
The transition, slated for the third quarter, will make current cloud computing chief Andy Jassy Amazon's next chief executive officer.
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In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.
Bezos, who is the company's biggest shareholder, will still have broad influence over Amazon.
"I've never had more energy, and this isn't about retiring," Bezos wrote.
"I'm super passionate about the impact I think these organizations can have."
The news came as Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44% to $125.6 billion -- as pandemic lockdowns caused online sales to explode around the globe.
Jassy joined Amazon in 1997 and has a MBA from Harvard Business School, according to the company's website. He founded Amazon Web Services (AWS) and grew it to a cloud platform used by millions, the company said.
"Andy is well known inside the company and has been at Amazon almost as long as I have," Bezos said in a statement. "He will be an outstanding leader, and he has my full confidence."
"Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he said.
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