Current Amazon Web Services Chief Executive Officer, Andy Jassy, will replace Bezos in the top position.
After nearly 30 years as Amazon’s Chief Executive Officer, Jeff Bezos has decided to step down from the top position and transition to the role of Executive Chairman in the third quarter of 2021.
Bezos founded the company in 1995 and oversaw its growth from an online bookseller into a US$1.7 trillion (AUD$2.2 trillion) multinational technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence.
His current net worth stands at US$182 billion (AUD$239 billion) which saw him reclaim his position in early 2021 as the world’s richest person replacing Tesla and SpaceX CEO, Elon Musk. He currently owns an 11 percent stake in Amazon which makes up to 90 percent of his fortune.
In an open email to his employees, Bezos has decided to focus his attention on ‘new products’ and ‘early initiatives’:
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else. As 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. 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.”
The news comes as Amazon reported its third consecutive record profit and quarterly sales above US$125.56 million (AUD$162 million), pushing past the US$100 billion mark for the first time. This record profit was fueled by record spending over the holiday season most likely also spurred on by the ongoing pandemic.
With businesses forced to close indefinitely, consumers are increasingly turning to online retailers like Amazon for delivery of groceries and medical supplies which has seen the company recruit over 400 000 employees to keep up with demand.
Amazon is yet to reveal a replacement for Jassy.