Amazon’s Jeff Bezos is stepping down as CEO, new replacement announced
Amazon on Tuesday confirmed Jeff Bezos will step down as CEO and transition to the role of Executive Chair in Q3. Andy Jassy, who is the CEO of Amazon Web Services (AWS), will become Amazon’s new CEO.
The surprise news comes amid Amazon’s latest financial results for its fourth quarter that ended December 31, 2020. According to The Washington Post, which is owned by Bezos, the move was months in the making. Bezos commented on the news in a press release.
“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.
Bezos founded Amazon back in 1994 and initially launched the company to sell books. He soon expanded into selling everything from electronics to apparel, building Amazon into one of the largest and most valuable companies in the world. The company has revolutionized online retail, and it continues to be one of the most popular online destinations.
“If you do it right, a few years after a surprising invention, the new thing has become normal,” Bezos said. “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.”
Over the years, Amazon has expanded well beyond e-commerce, creating its own smart home devices, video streaming service, video game streaming service, and much more. The company’s Web Services platform is also the backbone of the internet, serving as the infrastructure that keeps your favorite websites and services online.
As Amazon’s Executive Chair, Bezos said he will continue to stay engaged with important company initiatives, but said he wants to find more time to focus on other projects like the Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post.
Bezos steps down as CEO after becoming one of the wealthiest people on Earth—to the tune of nearly $180 billion (with a “b”).
“Amazon couldn’t be better positioned for the future,” Bezos said. “We are firing on all cylinders, just as the world needs us to.”