According to Amazon.com Inc’s announcement, Amazon CEO Jeff Bezos will step down his post later this year (Q3 2021) and become executive chairman of Amazon. Andy Jassy who is currently the CEO of Amazon Web Services (AWS) will succeed Jeff Bezos, once Bezos steps down as the CEO of Amazon.
Meanwhile, the e-commerce giant reported its third consecutive record profit and quarterly sale above $100 billion for the first time.
The news about Jeff Bezos stepping down his role, sent Amazon shares down initially in late trading before they recovered.
Jeff who founded Amazon in 1994 has since then transformed the online bookstore into a mega-retailer. However, Amazon now offers services in various fields from gadgets to supermarkets to streaming.
Amazon exceeded past the $1 trillion market cap under Bezos’ leadership in January 2020 and currently, its worth is over $1.6 trillion.
Jeff Bezos stated that Amazon is what it is because of its invention. He added to his statement that people at Amazon work collectively and have introduced client reviews, 1-Click, personalized suggestions, Just Walk Out shopping, Prime’s fiercely-fast shipping, Kindle, the Climate Pledge, Alexa, infrastructure cloud computing, marketplace, Career Choice. All these things were considered crazy in past but now are normal.
Bezos concluded his statement by saying he will be engaged in critical Amazon projects however will also have more spare time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, the Washington Post, and the Amazon Day 1 Fund.
Talking about Andy Jassy, he joined the company in 1997 and led Amazon’s Web Services Cloud team to sucess since it was established in 2006.
Brian Olsavsky, Amazon’s CFO on a media call stated that the executive changes were determined in discussion with Amazon’s board of directors. He further stated that Bezos will stay quite engaged and have his fingerprints on several diverse sectors of the company. Olsavsky stated that Jassy is an insightful leader who will bring his own skillset however that Amazon anticipates much continuity with the transition.
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