Amazon founder Jeff Bezos has announced he will be stepping down as the company’s CEO in the third quarter of the year. . In an email to his employees, Jeff Bezos announced he would transition to Executive Chair of the Amazon Board and Andy Jassy will replace him as the company’s CEO.
After stepping down, the Amazon CEO will use the extra time to focus on his other initiatives such as the Washington Post and space travel company, Blue Origin.
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.
Jeff Bezos expressed optimism in the incoming CEO Andy Jassy saying he is well known inside the company for he has been there for 24 years. He also expressed his hope for the future, saying the company could not have been better positioned than it is now and expects his employees to keep inventing.
Amazon’s Financial Results for Q4 2020
Amazon has reported a 38 % increase in net sales netting the company at $21 billion in income, nearly double from the same period in 2019.
The company also delivered its largest quarter by revenue of all time at $125.56 billion, pushing it past the symbolic $100 billion mark for the first time. Shares of Amazon were up 1.5% following the announcement.