Amazon’s Jeff Bezos to Step Down as CEO, Transition to Executive Chairman
Amazon today announced its CEO and founder Jeff Bezos will be stepping down, and transitioning to the role of Executive Chair in Q3 of this year.
“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Jeff Bezos, Amazon founder and CEO, in a statement.
“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition,” added Bezos.
Taking Bezos’ role as CEO will be Andy Jassy, an executive that joined the company in 1997 and has led the Amazon Web Services team since its creation.
According to Bezos in an internal email to employees, he said, “I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.”
The news comes during Amazon’s Q4 2020 numbers, where net sales increased 44% to $125.6 billion USD, while net income increased to $7.2 billion in the quarter.