Amazon founder Jeff Bezos will be stepping down from his CEO role in the third quarter of 2021, with Andy Jassy, Amazon Web Services CEO, taking control as Bezos transitions to the role of executive chair of the Amazon Board, the company said.
Billionaire Bezos told employees on Tuesday, “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.” – “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.”
Bezos founded Amazon as an online bookstore in 1994 and since then, the Amazon empire has grown rapidly. The company reported $386bn in sales in 2020, up 38% from 2019, with Bezos personally being named as the “richest man in modern history” in July 2018 when his net worth increased to more than $150 billion, a title he kept until last year.
Amazon’s new CEO, Andy Jassy, has been with the company since 1997, when he joined as a marketing manager.