Jeff Bezos Will Step Down As CEO Of Amazon This Year, Andy Jassy To Replace

Amazon founder Jeff Bezos will step down this year as the CEO, the company announced Tuesday. He will be replaced by Andy Jassy, who runs Amazon’s cloud-computing business.

In a letter to the employees, Bezos said that he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives, and overseeing The Washington Post, which he owns. 

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Bezos will continue having major influence on Amazon 

Bezos, who is the company’s biggest shareholder, will still have broad influence over Amazon. "Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he added.

“Jeff is really not going anywhere,” Amazon executive Brian Olsavsky said in a call with reporters. “It’s more of a restructuring of who’s doing what.”

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Launched in 1995, Amazon was a pioneer of fast, free shipping that won over millions of shoppers who used the site to buy diapers, TVs, and just about anything else. Under Bezos, Amazon also launched the first e-reader that gained mass acceptance, and its Echo listening device made voice assistants a common sight in living rooms.

During the coronavirus pandemic, Amazon was one of the few retailers to benefit as shoppers stayed clear of malls and shopped from their phones. On the same day Amazon announced Bezos would step down, the company reported making a record profit in the last three months of 2020, and its quarterly revenue shot past $100 billion for the first time.

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(With Agency Inputs)