Amazon CEO Jeff Bezos To Step Down Later This Year

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Amazon CEO Jeff Bezos To Step Down Later This Year

Jeff Bezos, CEO of Amazon is likely to step down & take the post of executive chairman. Read more...

Thursday, 4th February 2021


Founder of Amazon.com Inc Jeff Bezos said he will step down as the company’s CEO later this year and assume the position of executive chairman. Amazon reported its third consecutive record profit and quarterly sales of over $100 billion for the first time ever.

The current cloud computing chief Andy Jassy will take on the role of a chief executive officer once the transition takes place in the third quarter.

Bezos had founded the company 27 years ago when he started off as an internet bookseller. In a note to his employees that he posted on the Amazon website, he wrote, “s 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.”

He also added, “I’ve never had more energy, and this isn’t about retiring.”

Jassy had become a part of the company in 1997. Amazon’s website states he has an MBA degree from Harvard Business School. The company also mentioned that he is the founder of Amazon Web Services (AWS) which he then helped take to greater proportions and make a cloud platform that is used by millions of people.

The importance of web services to the company’s future only got further accentuated after Jassy’s promotions, said Tom Johnson, chief transformation officer at Mindshare Worldwide.

According to Johnson, “Jassy’s background in steering AWS shows just how the top of mind those services are to Amazon’s business strategy. It’ll be interesting to see how that affects their strategy and balancing that priority with a growing ad business and the commerce behemoth.”

Amazon did not announce who would replace Jassy yet.

Since the onset of the coronavirus pandemic, consumers in the US have turned more and more to online shopping especially to Amazon for delivery of home staples and medical supplies. The world’s largest online retailer recruited 400,000 more workers and posted record profits as other brick and mortar retailers saw the red.

The News Talkie Bureau

Source:

NDTV


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