One of the world’s richest man, Jeff Bezos will step down as Amazon CEO later this year. The company he built from scratch to one of the most valuable company in the world.
This was made known through the February 2 announcement by the company, “Bezos will be replaced by Andy Jassy”. The news came as part of Amazon’s fourth-quarter earnings report.
Jeff has been Amazon’s CEO since the founding of the company in 1995 and he has grew the company from an online bookseller into a $1.7 trillion global retail and logistics Heavyweight.
His successor, Jassy joined Amazon as a marketing manager in 1997 and in 2003 founded AWS, the cloud services division of the company which has been one of the most profitable but least-known units of the tech giant.
Jeff said in a letter to his employees on Tuesday that he is excited to take the next step.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote.
“When you have a responsibility like that, it’s hard to put attention on anything else. 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.”
Neil Saunders of the research firm GlobalData said Amazon has boosted sales during the pandemic “off the back of its superior logistics network,” but also faces growing competition.
“We maintain our view that Amazon will emerge from the pandemic as a bigger and stronger business,” Saunders said.
“We welcome the leadership change, if only because it will allow Jeff Bezos to focus more on innovation and new ideas.”
The company’s stock has grown nearly 69% over the past year.