Jeff Bezos announced last Tuesday that he will be stepping down from his position as CEO of Amazon at some point this year. He will pass the torch to Andy Jassy, Amazon’s top cloud executive. Jassy has been with the company since 1997, three years after its inception and knows the inner workings of it very well.
Bezos will not be entirely gone as he does intend to remain part of the executive board. In Q3, he announced, he will move on to Executive Chair of the Amazon Board, allowing Jassy to slide into the CEO role. Bezos mentions that he wants to shift his focus to “new products and early initiatives” upon taking this new role and leave the day to management to Jassy.
The transition of power news broke along with an earnings statement for Amazon. This statement reflected that the brand had their first $100 billion quarter. Mainly due to the new Amazon Web Services, which Jassy currently heads, which reported a revenue growth of 28% during Q4l.
Bezos will reportedly still be asked to weigh in on important projects in the company, but he wants to have more time to focus on other aspects of production and idea inception as well. In his letter to Amazon employees, which can be found here, he cites the Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post as other passions of his that he hopes to spend more furthering in the future.