Jeff Bezos to step down as the chief executive of Amazon.
Billionaire Jeff Bezos on Tuesday said that he would give up his role as the chief executive (CEO) of Amazon later this year.
This, as the tech and e-commerce giant reported a surge in revenue and profit in the holiday quarter.
In a note to employees posted on the website of Amazon, Bezos said that he would stay engaged in important Amazon initiatives but also have the energy and time he needed to focus on the Day 1 Fund, Blue Origin, the Bezos Earth Fund, The Washington Post, and his other passions.
“I’ve never had more energy, and this isn’t about retiring,” Bezos said.
According to Amazon, Andy Jassy — who was the head of Amazon Web Services — would take over as the next chief executive in the third quarter.
The said announcement came as Amazon reported a blowout holiday quarter with profits more than doubling to USD 7.2 billion and revenue jumping 44% to USD 125.6 billion.
Jeff Bezos, who became the world’s richest person based on his stake in Amazon, said that he would transition to the role of executive chair in Q3 to hand over the CEO role to Andy Jassy.
“Amazon is what it is because of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition,” Bezos said in a statement.
Jassy joined Amazon as a marketing manager in 1997 and founded AWS in 2003.