Jeff Bezos to step down as Amazon CEO in Q3
Amazon founder and CEO Jeff Bezos has announced he plans to step down from the role in the third quarter, to be replaced by AWS CEO Andy Jassy.
Bezos, who will transition to the role of executive chairman, implied he is stepping down because he is satisfied with what he has achieved at the helm.
“Amazon is what it is because of invention. We do crazy things together and then make them normal... If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn,” he said.
“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.”
In a letter to employees, Bezos said he plans to continue to stay engaged in the company post-transition but also devote more time to his other passion projects such as the Day 1 Fund, the Bezos Earth Fund, Blue Origin and The Washington Post.
“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organisations can have,” he said.
“Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to. We have things in the pipeline that will continue to astonish. We serve individuals and enterprises, and we’ve pioneered two complete industries and a whole new class of devices.
Bezos made the announcement as Amazon reported a strong profit for the December quarter of US$7.2 billion ($9.46 billion), on the back of 44% higher net revenue of US$125.6 billion. Operating income grew to US$6.9 billion.
The company revealed that worldwide sales for the 2020 holiday season grew over 50% year-on-year amid the COVID-19 pandemic, with small and medium-sized sellers selling nearly one billion products over the Amazon store during the holiday period.
Jassy joined Amazon in 1997 as marketing manager. He led the team that created AWS in 2003 before rising to the rank of CEO of the division in April 2016.
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