Jeff Bezos is stepping down as Amazon's CEO, Andy Jassy to take over

Jeff Bezos, founder of Amazon, which started as an online bookseller nearly three decades ago and has turned into a global e-commerce giant, has put out a statement to step down as its CEO.

On Wednesday, Amazon announced this transition which will happen in the third quarter of 2021 and that his position will be filled by Andy Jassy, the CEO of Amazon Web Services.

Currently, Bezos has a networth of $1.7 trillion and he plans to step down to become the executive chairman. According to a statement he released, this step is taken to give him “time and energy” to focus on his other ventures and passions.

Bezos has been the CEO of Amazon since its foundation in 1995 and has since grown alongside his business to become one of the richest persons in the world!

In a statement released by Bezos, he said, “Amazon is what it is because of invention. We do crazy things together and then make them normal and that the company pioneered customer reviews, 1-Click, personalised recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more."

He also added, “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition."

Andy Jassy who will replace Bezos has been with the company since 1997 and has led the Amazon Web Services team since its inception. Apart from the experience, Andy also has Bezos full confidence!

According to Bezos, being the CEO of Amazon is a deep responsibility which makes it hard to give attention to other things. He also said that this transition isn't about retiring but to find time for his other passions. He reassured everyone that he will stay engaged in important Amazon initiatives.

“We are leaders in areas as varied as machine learning and logistics, and if an Amazonian’s idea requires yet another new institutional skill, we’re flexible enough and patient enough to learn it,” he said, calling on his employees to “keep inventing, and don’t despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1," said Bezos, explaining his position.

During the 2020 pandemic, the net sale of Amazon increased 38 per cent to USD 386.1 billion while net income rose to USD 21.3 billion from the previous year.