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Amazon Founder Jeff Bezos To Step Down As Chief Executive, Says “Not Retiring”

The owner of the Amazon stake Bezos said that he will transit from the role of chief executive and will hand over the role to his colleague Andy Jassy, who is currently heading the Amazon Web Services.

The world’s richest person and Amazon founder Jeff Bezos on Tuesday has announced that he will step down as the Amazon CEO this year. He is the chief executive of the company which he started and now it is in the list of most valuable companies around the world.

The owner of the Amazon stake Bezos said that he will transit from the role of chief executive and will hand over the role to his colleague Andy Jassy, who is currently heading the Amazon Web Services (AWS). The transition will take place in the third quarter of this year said Bezos.

He made this announcement when Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44 percent to $125.6 billion as a result of sales burgeoning in lockdowns due to the pandemic.

Bezos wrote a letter to Amazon employees that he would “stay engaged in important Amazon initiatives” but will move towards some philanthropic activities including some other fields and projects like space exploration, journalism, Day One Fund and Bezos Earth Fund. “I’ve never had more energy, and this isn’t about retiring,” Bezos added, “I’m super passionate about the impact I think these organizations can have,” he further added.

Amazon founder who is now 57, founded Amazon 1994 in his garage and grew it into a colossus which is the most influential online retailing with other operations like groceries robotics, cloud computing, artificial intelligence, streaming music and television and many more.

Not just Amazon Bezos has other businesses too that include the private space firm Blue Origin and The Washington Post Newspaper.

Andy Jassy, the successor for the chief executive post had joined as a marketing manager in 1997 and then in 2003 he founded Amazon Web Services (AWS), which is the cloud services division of the company and it has been one of the most profitable but least-known units of the tech giant.

Calling upon him the Amazon CEO Jeff Bezos said ,”Andy is well known inside the company and has been at Amazon almost as long as I have and also he will be an outstanding leader as he has my full confidence.”

“Right now I see Amazon at its most inventive ever, making it an optimal time for this transition,” said Bezos in a statement.

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