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Jeff Bezos steps down as Amazon CEO and becomes executive chairman

Amazon, the American multinational technology company, has announced that founder Jeff Bezos will step down as CEO and become executive chairman. The company also announced that Andy Jassi, the cloud computing chief, will be the next chief executive officer.

The company revealed yesterday that the decision comes as Amazon reported its third consecutive record profit and quarterly sales above $100 billion for the first time.

“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,” said Jeff Bezos, who started the company 27 years ago as an internet bookseller.

Jeff Bezos, who has been CEO for nearly 30 years, will step down in the third quarter of this month. “I’ve never had more energy, and this isn’t about retiring,” he added.

It is reported that the company’s net sales increased to $125.56 billion as consumers switched to the world’s largest online retailer for shopping.

Andy Jassy, the company’s next CEO who joined Amazon in 1997, holds an MBA from Harvard Business School. Mr. Jassy is the founder of Amazon Web Services (AWS), a cloud platform used by millions of people.

“Jassy’s background in steering AWS shows just how top of mind those services are to Amazon’s business strategy. It’ll be interesting to see how that affects their strategy and balancing that priority with a growing ad business and the commerce behemoth,” said Tom Johnson, chief transformation officer at Mindshare Worldwide.

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