Jeff Bezos to step down as Amazon CEO this year

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Jeff Bezos will step down as Amazon CEO and become the company’s executive chairman in the third quarter of this year. Amazon Web Services’ (AWS) founder Andy Jassy will become Amazon’s next chief executive officer.

Bezos will become Amazon’s executive chairman and remain its biggest shareholder, the company said on Tuesday.

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said in a letter to employees, announcing the end of his 27-year run. He said he planned to spend more time focused on philanthropy and other outside ventures.

“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,” he wrote. “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.”

The e-commerce company reported its third consecutive record profit and quarterly sales above $100 billion for the first time in the December quarter of 2020. Net sales rose to $125.56 billion as consumers turned to the world’s largest online retailer for holiday shopping, beating analyst estimates of $119.7 billion, according to IBES data from Refinitiv.

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