Amazon revealed founder Jeff Bezos (pictured) will step down from his role as CEO later this year, taking on a position as executive chairman after close to 30 years in charge.
It lined up Amazon Web Services chief Andy Jassy to replace Bezos in a switch scheduled for Q3, marking one of the biggest shake-ups in the main company’s history.
In a notice to Amazon employees, Bezos said he will stay engaged in “important Amazon initiatives” following the transition, which he explained would leave him with the “time and energy” to focus on other products and initiatives, including the Day 1 fund for non-profit organisations, climate action initiative Bezos Earth Fund and space company Blue Origin.
“Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to”, Bezos said, adding Amazon was at the “most inventive” phase in its history, “making it an optimal time for this transition”.
He backed Jassy to be an “oustanding leader”.
Bezos founded Amazon in 1994 and served as CEO for almost 27 years.
The e-commerce giant unveiled the news in its Q4 2020 earnings statement, recording net income of $7.2 billion, up 118 per cent year-on-year, and revenue of $125.6 billion, 44 per cent higher.Subscribe to our daily newsletter Back