Jeff Bezos to step down as Amazon CEO. Read details.
Bezos said he will transition to the role of executive chair in the third quarter, handing over the CEO role to Andy Jassy, who heads Amazon Web Services.
Jeff Bezos, the founder of Amazon, said on Tuesday that he would step down as the chief executive officer of the company. Amazon, which Bezos built as an online bookstore and transformed into an e-commerce giant, has also made him the richest man in the world.
Bezos, who has been the CEO of the organization of over three decades, will be replaced in the summer by Andy Jassy, who heads Amazon Web Services.
In a letter to Amazon employees, Bezos said he would "stay engaged in important Amazon initiatives" but would focus more on philanthropic initiatives, such as his Day One Fund and Bezos Earth Fund. He also stated that he would be exploring other business ventures in space exploration and journalism.
The transition comes at a time when Amazon has recorded profits doubling to over $7.2 billion and revenue jumping 44 per cent to $125.6 billion, NDTV reported.
Stressing that this was in no way, shape or form a retirement, Bezos said: "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."
Seconding this, Amazon’s Chief Financial Officer Brian Olsavsky told the media that Jeff was not going anywhere. "It’s more of a restructuring of who’s doing what.“
Announcing Jassy as his successor, Bezos said in his letter, “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. He will be an outstanding leader, and he has my full confidence.”