Amazon Founder Jeff Bezos Transitions to Executive Chair Role
Jeff Bezos steps down as Amazon CEO during a record-breaking financial quarter, handing the reins to AWS chief Andy Jassy. The founder remains with the company as executive chair.
Jeff Bezos steps down as CEO of Amazon and transitions into the role of executive chair in the third quarter of 2021. Andy Jassy, the current CEO of Amazon Web Services, takes over as the new chief executive of the e-commerce giant. Bezos states that this is an optimal time for the transition because the company currently operates at its most inventive level.
Amazon announces this major leadership change alongside incredibly strong fourth-quarter 2020 financial results. The company brings in $125.6 billion in revenue during the quarter, marking the largest quarterly earnings in its corporate history. Additionally, Amazon reports a massive net income of $7.2 billion for the period.
Bezos originally founds Amazon as a simple online bookstore in 1994 and leads the company for decades to become one of the wealthiest individuals in the world with a net worth of approximately $197 billion. By moving to the executive chair position, he plans to stay connected to the company while shifting his daily focus to other ventures.