Highlights:
- Amazon CEO, Jeff Bezos to step down.
- Andy Jessy, head of Amazon Web Services will take over as CEO.
- Jeff Bezos to become executive chairman in the third quarter of this year.
Last week on Tuesday, after reporting Amazon's first $100B sales quarter, Jeff Bezos announced that he would be stepping down as Amazon CEO.
In the third quarter of this year, the CEO of Amazon Web Services, Andy Jassy, will succeed Jeff Bezos as the CEO of Amazon sometime in the third quarter of 2021, with Bezos transitioning to executive chairman.
In the announcement email, Bezos mentioned that he now wants to focus on new products and initiatives. Listing a few projects that he wants to prioritize as an executive chairman, he wrote, "As Exec Chair 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," he added.
Bezos has been Amazon CEO since its founding in 1995. He oversaw its growth from an online bookseller into a global retail and logistics behemoth. Jassy has worked for Amazon since 1997 and led AWS since its inception in 2003.
Bezos will continue to have a hand in critical decisions, but this sure is the end of an era for Amazon.
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