Jeff Bezos to step down as Amazon CEO

Amazon CEO Jeff Bezos will step down as chief govt of the corporate he based 27 years in the past, the net retailer introduced Tuesday. Andy Jassy, head of Amazon Net Companies, will take the reins as CEO starting within the third quarter, whereas Bezos will develop into govt chairman, Amazon mentioned.

In a memo to staff posted on Amazon’s weblog, Bezos, 57, mentioned he’s giving up the CEO position to deal with different ventures, together with the Bezos Local weather Fund, the Washington Publish and Blue Origin, Bezos’ house flight firm.

“We have performed loopy issues collectively, after which made them regular,” Bezos wrote, outlining a listing of Amazon improvements: “Buyer opinions, 1-Click on, customized suggestions, Prime’s insanely-fast transport, Simply Stroll Out purchasing, the Local weather Pledge, Kindle, Alexa, market, infrastructure cloud computing, Profession Alternative, and rather more.” 

Bezos will nonetheless assist steer Amazon

Retail consultants mentioned Mr. Bezos will proceed to play an essential position with Amazon whilst he steps again from operating the corporate daily.

“Whereas the brand new place is huge information, the reality is that Mr. Bezos will stay absolutely concerned with the corporate,” Neil Saunders, managing director of GlobalData, mentioned in word. “Certainly, as a part of his new position Bezos will have the ability to focus extra on new concepts — one thing through which he excels. He can even nonetheless be round to information the corporate and be certain that it doesn’t lose its modern edge.”

The administration shuffle comes as Amazon introduced blockbuster earnings for 2020. A surge in on-line purchasing in the course of the coronavirus pandemic drove up the corporate’s gross sales 37%, to $386 billion, the corporate reported on Tuesday. Amazon added half 1,000,000 new staff final 12 months, highlighting the corporate’s explosive progress, and its revenue practically doubled to greater than $21 billion.

Amazon’s inventory has soared 60% from a 12 months in the past. That soar has boosted Bezos’ private fortune, making him the second-wealthiest individual on the earth, with a web value of $188 billion, in accordance with the Bloomberg Billionaires Index.

As head of AWS, Jassy helms an more and more essential a part of Amazon’s enterprise. The cloud-computing service made up simply 12% of Amazon’s gross sales final 12 months, however accounted for greater than half of the corporate’s revenue. AWS’ 1000’s of shoppers embrace Capital One, Coca-Cola, Intuit and Netflix. Jassy has been at Amazon since 1997, practically so long as Bezos himself.

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