Jeff Bezos, the founder of Amazon has announced in a letter to employees, on Tuesday that he will be stepping down as the CEO and Andy Jassy will take over the charge. Bezos will take over as the Executive Chairman of Amazon while continuing to remain the biggest shareholder of the company.
Jeff Bezos founded Amazon in 1994. Since then, he has astonishingly transformed it from an online book store into a global online retailer giant. Andy Jassy, the head of Amazon’s cash-cow cloud computing unit, is a man who has been a part of the company during a major part of its existence.
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Bezos made the announcement following a whopping increase in its profits doubling to $7.2 billion and revenue surging 44% to $125.6 billion.
The quarterly revenues of Amazon saw an overwhelming increase in revenues, exceeding $100 billion!!! Bezos called this a “right time” to make the transition.
In a letter to employees making the massive declaration, Bezos said: “I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have.”
Bezos also stated that he will stay engaged with the important Amazon Projects and expressed his intentions of dedicating more time to the Washington Post, his Blue Origin Spaceship Company, and the Amazon Day 1 Fund.
“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,” said Jeff Bezos.
NEWS: Amazon announces CEO transition:
— Dan Linden (@DanLinden) February 2, 2021
Founder and CEO Jeff Bezos will transition to role of Executive Chair in Q3, Andy Jassy to become CEO of Amazon pic.twitter.com/5jQ1pbwruR
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Bezos reaffirmed his faith in the decision of executing the transition of the post saying “Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to.”