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Amazon announced their founder and CEO, Jeff Bezos on Feb. 2 announced he will be stepping down from his position later this year. Bezos will transition to executive chair of the Amazon Board, and his current position will be filled by Andy Jassy.
This transition is due in the third quarter of the year, beginning July 1.
“I intend to focus my energies and attention on new products and early initiatives,” Bezos said in an email to Amazon employees.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos said.
“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 organizations can have.”
Bezos founded Amazon in 1994 and has been CEO since the beginning. What started out as an online bookseller is now a $1.7 trillion global retail company.
Amazon’s growth made Bezos one of the richest people in the world, slightly behind Tesla CEO, Elon Musk as of this year. Since its beginning. Amazon has also become one of the most valuable companies in the world.
“Andy is well known inside the company and has been at Amazon almost as long as I have,” Bezos said.
Bezos puts his trust in the future CEO, Andy Jassy, and said “He will be an outstanding leader, and he has my full confidence.”
Amazon posted a year of record growth, “including a 38 percent increase in net sales from 2019, netting the company $21 billion in income, nearly double from the year before.”
According to Bloomberg data, Amazon reported earnings of $14.09 per share on record revenue of $125.56 billion, compared to consensus estimates for $7.34 per share on revenue of $119.70 billion.
After the announcement and earnings results, Amazon’s share price was up about 1.5%.